Gates Foundation Commits Additional $70 Million for Coronavirus Vaccine

UTC by Ibukun Ogundare · 3 min read
Gates Foundation Commits Additional $70 Million for Coronavirus Vaccine
Photo: Depositphotos

The Gates Foundation has been supporting the development of vaccines to counter the unprecedented coronavirus pandemic.

The Gates Foundation has donated an additional $70 million for the development and distribution of coronavirus vaccines. The American and private foundation founded by Bill and Melinda Gates is also hoping that other international donors and philanthropists would commit more funds. 

On the 11th of November, Reuters revealed the additional funds by the Gates Foundation. Led by the GAVI vaccine alliance, $50 million will also be donated to the COVAX Advance Market Commitment (AMC). The foundation also added that $20 million will go to the Coalition for Epidemic Preparedness Innovations (CEPI). 

The co-founder of the foundation, Melinda Gates, said:

“We have ensured that everyone gets equal access to tests, drugs, and vaccines when they are available – no matter where you live in the world. Our pledge today… means we are getting closer to having the resources needed to help the world fight this virus.”

Gates Foundation to Support Coronavirus Vaccine Distribution

The Gates Foundation has been supporting the development of vaccines to counter the unprecedented coronavirus pandemic. The foundation made its first pledge in June. Now, the total funds the Gates Foundation has pledged is $156 million. 

CEPI and GAVI have been working with the World Health Organization (WHO) to jointly lead a global scheme called the Access to COVID-19 Tools (ACT) Accelerator. The purpose of the ACT Accelerator is to fast-track the development and production of coronavirus tests, drugs, and vaccines. Also, the scheme was formed to ensure that everybody in the world enjoys fair access to the test, drugs and vaccines when available. 

In addition, GAVI revealed that the COVAX facility hopes to have acquired 2 billion doses of coronavirus vaccines by the end of the coming year. The doses will then be provided to people in all COVAX-participating countries globally. Also, 92 poorest countries will also have access to about 1 billion doses through the AMC. 

Progress on Coronavirus Vaccine

Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) are making significant progress in their vaccine trials. The two companies have been working jointly to develop an effective vaccine. Now, the joint effort is poised to have an effective vaccine by the end of 2020.

The CEO of the Gates Foundation, Mark Suzman, said that it was “an auspicious week” to pump more funds to fight COVID-19. He added:

“…but there’s still a long way to go between that and getting vaccines approved, and then into people who need them at the scale and with the kind of equitable global distribution we really need to bring the virus under control.”

Similarly, American biotechnology company Moderna Inc (NASDAQ: MRNA) is a notable forerunner among all companies working on a vaccine. The leading infectious disease expert in the US, Dr. Fauci, said that Moderna’s vaccine could also be as effective as Pfizer‘s. 

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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