www.ft.com/content/1c7266b1-1fad-458e-8585-12dc3164fdce
The current crop, despite their remarkable development speed and efficacy, are vulnerable to being rendered useless. Scientists expect a mutant strain to escape their grip. Pharmaceutical companies are confident they can respond but that requires adapting the vaccines, winning regulatory approval (ideally without another set of full-blown trials) and ramping up manufacturing all over again.
In a positive scenario, this becomes as smooth as the annual flu vaccines, or an inoculation for all strains is developed. In a worst case, we are always a step behind the evolving virus.
Even if vaccines can deal with variants, there is a huge selection of the population ineligible for current vaccines, an impediment to herd immunity.
Stephane Bancel, Moderna’s chief executive, told the conference that the company would soon start to address this by testing its vaccine on young children “but this will take much longer” as scientists proceed carefully with low doses. We should not expect trial data until next year.
There is at least some positive news for investors. JPMorgan’sanalysts worried about the “durability of the vaccine tailwinds” to pharma company profits. Fret not. “From where we sit here at Pfizer, we see this as a durable business,” said Ms Hwang. “And it’s a business and a piece of research that we’re going to have to continue to do for a long time.”