The chief executive of GlaxoSmithKline (GSK), which is the world’s largest maker of vaccines, said she was optimistic the industry will be able to make a coronavirus vaccine globally available next year.
GSK CEO Emma Walmsley talked about making a vaccine available at an online event of the Confederation of British Industry (CBI) on Tuesday, 29th September 2020. She said that she shares the optimism that they will have solutions for the pandemic next year. The challenge about this is getting to the scale of the requirement.
The company is contributing adjuvants, efficacy boosters that play a pivotal role in many vaccines. This is with several development alliances for potential future vaccines against the novel coronavirus that has claimed more than a million lives globally.
The company’s most advanced project is with French partner Sanofi. And the two have said that they hope to get approval for their vaccine candidate next year.
Walmsley stressed on the fact that the industry’s unprecedented speed of developing an immunization did not compromise safety. This is because trials were not smaller than usual. And regulators and companies were taking steps in parallel that were previously consecutively done.
According to her, they are condensing timelines that can take up to 10 years into two years. But she emphasizes that people should feel very reassured that the way they do that is due to a completely different level of collaboration with regulators.
She further added that they are putting their funds at risk. Governments have put funds at risk. This is so that they don’t restrict the scale, which is really important in a trial for vaccines.
Outlook of the Global Vaccine Industry
The global vaccines industry has a forecast to experience rapid growth. The leading vaccine manufacturers in the world will be spearheading this who make different types of vaccines. The recent global pandemic has also had a huge positive impact on the vaccine market. This is because many of the world’s top vaccine companies are now focusing on developing the most effective vaccination to combat the highly infectious and life-threatening coronavirus.
The global vaccine market is expecting to register strong growth over the next five years. There is intense competition among the list of vaccine manufacturers. These manufacturers are placing greater emphasis on the research and development of live vaccines.
According to the latest market report from Technavio, the global vaccines market size has the potential to grow by 13.81 billion dollars during 2020-2024. The market will be registering a strong CAGR of 7% during the forecast period.