The role of vaccines is pivotal to global public health. It has the potential to eradicate the spread of infectious diseases. The key characteristics of vaccines are that they are used as preventives rather than treatment and are durable with long-term effects.
COVID-19 was the 5th pandemic since the 1918 flu. People all over the world have been affected by COVID-19. Therefore increased salience of disease had created a demand for the vaccines in the market, not only in the US but also in other countries.
Developed country like the United States have been quick in developing the infrastructure to manufacture COVID vaccines. The US is the second-largest exporter of vaccines mainly exporting to developed countries. The leading manufacturers of vaccines in the US are Pfizer, Johnson and Johnson and Sanofi. Pfizer produces pneumococcal and MCV4 vaccines, Johnson and Johnson produces Ebola, HIV , RSV, and Zika vaccines and Sanofi Pharmaceuticals produces Haemophilus b, DTaP, influenza,rabies,IPV,MCV4,TD and YF vaccines. The institution that regulates vaccines in the US and other countries of the world is the FDA’s Centre for Biologics Evaluation and Research (CBER). CBER ensures the effectiveness and safety of the vaccines.
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In US, vaccination policy comes under the purview of US health policy, which is used for immunization against infectious diseases. As per the Global Market Database, the vaccine market in the US is expected to surpass $11 billion by 2026. Recently, the FDA expanded authorization of the emergency use of Pfizer on October 29, 2021. 404 million doses of vaccines had been given till Oct. 20, 2021, in the US.
On Dec. 14, COVID-19 vaccine distribution started in the US. The authorization of emergency use of Pfizer-BioNTech vaccine followed by Moderna vaccine and Janssen had been granted by the FDA
Kaiser Family Foundation, known as the KFF COVID-19 Vaccine Monitor, has been conducting ongoing polling and analysis. It included age, race, political party, and education status while monitoring vaccine hesitancy. It is estimated by market database, the vaccination campaign conducted by the US government prevented 150,000 deaths and 3-4 million COVID-19 cases. As of November 14th, 2021, it is estimated that around 58% of the US population is fully vaccinated.
According to Market Database, rapid vaccination saved a large portion of the population from hospitalization and death and the speed of vaccination have also slowed the potential wave of new variants named alpha, gamma, and delta. However, the virus is still a threat to the unvaccinated population in the near future.
Huge investments by the key players have resulted in the growth of the vaccine market. The key players also contributed to research and development activities, creating demand and growing awareness towards vaccines in the US population and thereby impacting the local economy.
The development of a vaccine against COVID-19 brought challenges to the governments in all aspects of production. Distribution was a greater challenges, however it was well handled by the various Government Departments.
The government has initiated Vaccination drives through state wise campaign in an effort to eradicate the pandemic.
The mandatory approach combined with incentives would hopefully increase the fully vaccinated population in the US. This would hopefully help in terms of a quicker economic rebound in the Post COVID era.
The key challenge in the market is the cost of the vaccine and the overall social outlook towards the vaccination programs in the US. However, some companies like Citigroup have mandated the vaccination of it US employees. However, a USD 200 incentive have also been declared by the company for submission of vaccination proof by 8th December, which is the deadline. Some companies like Vanguard had started the early vaccination initiative as early as October 2021, with USD 1000 incentive on proof of vaccine completion.
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