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The rise of 'conspicuous waiting': The 19th-century economic theory that explains why Gen Z posts their place in line

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The rise of 'conspicuous waiting': The 19th-century economic theory that explains why Gen Z posts their place in line

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Millennials say they’ll refuse to care for aging boomer parents—but they’ll be forced to as their inheritance shrinks to 40 cents on the dollar

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Tim Cook signed off on his final Apple earnings call with a warning about a ‘100-year flood’ in memory chip pricing
COVID-19 vaccines

WHO grants emergency authorization to India’s COVID-19 vaccine Covaxin

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Chris Kay
Chris Kay
,
Corinne Gretler
Corinne Gretler
, and
Bloomberg
Bloomberg
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By
Chris Kay
Chris Kay
,
Corinne Gretler
Corinne Gretler
, and
Bloomberg
Bloomberg
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November 3, 2021, 9:59 AM ET
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The World Health Organization granted emergency authorization to a COVID-19 vaccine co-developed by India’s medical-research agency and local manufacturer Bharat Biotech International Ltd., ending a months-long wait that added to controversy around the homegrown shot. 

The WHO approved the vaccine’s use in people aged 18 and older on a two-dose schedule with four weeks between shots, according to a statement on Wednesday. Covaxin joins a range of WHO emergency-cleared shots from AstraZeneca Plc, China’s Sinopharm Group Co. and Sinovac Biotech Ltd., Pfizer Inc. and BioNTech SE , Johnson & Johnson and Moderna Inc.

The agency’s nod is a welcome endorsement for Covaxin’s manufacturer Bharat Biotech International Ltd. The Hyderabad-based company has been beset with problems since it partnered with the state-funded Indian Council of Medical Research last year to develop the inoculation. 

Covaxin has been criticized from the onset. The vaccine won emergency approval from the nation’s drug regulator in January before clearing final-stage clinical tests, fueling hesitancy around the shot and the early stages of India’s immunization drive.

More than 100 million doses have since been administered across India. Bharat Biotech said in July that the vaccine was 77.8% effective in preventing symptomatic COVID, but that Phase 3 data was yet to be peer reviewed. In the course of its analysis, the WHO repeatedly asked the company for further information, delaying its addition to the body’s pre-qualified list.

The listing is a prerequisite for exports via the WHO-backed Covax vaccine-sharing facility, which was set up to provide COVID shots to the world’s poorest countries. The WHO’s approval may accelerate the resumption of vaccine shipments from India, which halted exports in April to prioritize its own citizens amid a lethal second coronavirus wave.

India will likely restart vaccine exports to Covax by early November, Adar Poonawalla, head of the Serum Institute of India Ltd., told Bloomberg News last month. Serum, the world’s largest vaccine maker, has pumped out hundreds of millions of doses of AstraZeneca’s inoculation and the company was meant to be the main provider of vaccines to Covax before the export halt. 

More health care and Big Pharma coverage from Fortune:

  • ‘Vax’ is Oxford English Dictionary’s word of the year
  • With a vaccine mandate looming, these apps help businesses check which employees got vaxxed
  • Novavax COVID-19 vaccine’s long-delayed global rollout will start in Indonesia, fueling hope for more equitable distribution
  • 100 million Indians have skipped their second vaccine dose, leaving the country vulnerable to a third COVID wave
  • A COVID scare trapped 33,000 visitors inside Shanghai Disneyland in a ‘surreal’ scene

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.

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