Friday, 19 June, 2020
The European Commission has presented a new strategy to accelerate the development, manufacturing and deployment of vaccines against COVID-19. The Commission will support efforts to accelerate the development and availability of safe and effective vaccines in a timeframe between 12 and 18 months, if not earlier.
The strategy has the following objectives:
In order to support companies in the swift development and production of a vaccine, the Commission will enter into agreements with individual vaccine producers on behalf of the Member States. In return for the right to buy a specified number of vaccine doses in a given timeframe, the Commission will finance part of the upfront costs faced by vaccines producers. This will take the form of Advance Purchase Agreements. Funding provided will be considered as a down-payment on the vaccines that will actually be purchased by Member States.
The related funding will come from a significant part of the €2.7 billion Emergency Support Instrument. Additional support will be available through loans from the European Investment Bank.
European Commission President Ursula von der Leyen said: 'This is a moment for science and solidarity. Nothing is certain, but I am confident that we can mobilise the resources to find a vaccine to beat this virus once and for all. We must be ready to manufacture and deploy such a vaccine across Europe and the world. This vaccine will be a breakthrough in the fight against the coronavirus, and a testament to what partners can achieve when we put our minds, research and resources together. The European Union will do all in its power to ensure that all peoples of this world have access to a vaccine, irrespective of where they live.'
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