Where Does Canada Stand In The Global Queue For COVID-19 Vaccines?

Summary

• Prime Minister Justin Trudeau said that his government will be ready to roll out the vaccines once national regulator Health Canada gives the required approvals.
• In total, Canada reportedly has access to more than 400 million COVID-19 vaccine doses from different drugmakers.
• The S&P/TSX Composite Index shot up about one per cent on November 9 after Pfizer Inc announced 90 per cent efficacy of its COVID-19 vaccine candidate post its latest trails.

With the Pfizer-BioNTech COVID-19 vaccine getting approval in the United Kingdom and the Moderna jab awaiting greenlight in the United States, one may wonder where Canada stands in the line to get the shot.

Amid attack from the opposition party and critics, Prime Minister Justin Trudeau reassured on Tuesday, December 1, that his government is working on rolling out the vaccines efficiently. However, he stressed that while getting COVID-19 vaccines “as quickly as possible” is important, he also needs to ensure that the shot is safe for Canadians.

Trudeau said that his government will be ready to roll out the vaccines once national regulator Health Canada gives the required approvals. Currently, a group of independent scientists are evaluating the data submitted by the makers of four COVID-19 vaccine candidates, he said.

Health Canada chief medical adviser Supriya Sharma reportedly said that regulators in the country are expected to arrive at a decision around the same time the US does. The US Food and Drug Administration (FDA) is likely to review the Pfizer candidate on December 10.

Sharma stressed that once Health Canada gives a go-ahead, the delivery process of the vaccines will kick in “as soon as possible”. The health agency already has essentials such as refrigerators, needles, syringes, gauze, etc. procured, she added.

CANADA RESERVED 400+ COVID-19 DOSES FROM DIFFERENT DRUG MAKERS

Moderna (NASDAQ: MRNA, MRNA: US) chairperson Noubar Afeyan reportedly said that Canada is “guaranteed” to get access to part of the first batch of its vaccine once it is approved in the country. Dr Afeyan added that Canada was one of the first nations to place an order with Moderna Inc.

Moderna Inc has agreed to provide Canada with 20 million doses of its COVID-19 vaccine, with the option to access another 36 million.

Canada announced in November that in addition to the 20 million doses already purchased, the country has reserved another 56 million doses of the Pfizer Inc (NYSE:PFE) vaccine. This brings the total to 76 million doses.

The federal government is said to have reserved around 76 million doses of the COVID-19 vaccine produced by Novavax Inc (NASDAQ:NVAX). Among others, it has secured purchase of about 38 million doses of the Johnson & Johnson (NYSE:JNJ) shot and approximately 20 million doses of the AstraZeneca (NASDAQ:AZN)-University of Oxford drug.

In total, Canada reportedly has access to more than 400 million COVID-19 vaccine doses from different drugmakers.

COVID-19 VACCINE AND ITS IMPACT ON STOCK MARKETS

Not just in Canada, stock markets around the world bloomed on November 9 after Pfizer Inc announced 90 per cent efficacy of its COVID-19 vaccine candidate post its latest trails.

The S&P/TSX Composite Index shot up about one per cent on November 9. Riskier stocks, such as oil and gas companies, which were decimated by the coronavirus pandemic, began getting investors’ attention in the wake of a potential vaccine of the deadly disease. The S&P/TSX Capped Energy index ballooned nearly 19 per cent on November 9, with stocks of top Canadian oil manufacturers Suncor Energy Inc (TSX:SU) and Canadian Natural Resources Ltd (TSX:CNQ) rising around 20 per cent.

Stocks of Pfizer Inc rocketed over 13 percent at open on November 9. In the whole month, the stocks climbed about eight per cent.

Moderna announced the successful results of its COVID-19 vaccine trials a few days after Pfizer, motoring another surge in the stock markets around the world. Stocks of the pharmaceutical company jumped about 126 per cent in the month of November.

WHAT DO CANADIANS THINK ABOUT COVID-19 VACCINES?

While many are eagerly waiting to receive vaccines for the deadly coronavirus, 48 per cent of Canadians who took part in a recent study said that they aren’t concerned regarding other countries getting a COVID-19 vaccine before Canada.

The study conducted by the Association for Canadian Studies, in partnership with Ledger, also found that 10 per cent of its participants either don’t care about the vaccine or aren’t considering getting the vaccine in the first place.

However, there were about 37 per cent of the participants who expressed concern regarding Canada not receiving COVID-19 vaccines as quickly as the US, added the study. Earlier in November, Trudeau had said that since Canada does not have any domestic production of the vaccines, it will have to rely on other nations for it.

Now, all we can hope is that Canada is at least among the leading nations in the long queue for the COVID vaccine.