New Zealand has joined a global initiative that aims to enable all countries to access a safe and effective COVID-19 vaccine, Deputy Prime Minister and Foreign Minister Winston Peters, said on Wednesday.
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The COVAX Facility was recently launched by Gavi, the Vaccine Alliance.
The alliance includes the World Health Organisation, UNICEF, the World Bank and the Bill & Melinda Gates Foundation.
It has vaccinated millions of children worldwide for a range of diseases.
All countries are invited to participate in the facility by making a commitment to purchase doses and a contribution in the form of cash or doses.
“If and when a safe, effective COVID-19 vaccine is developed, global demand will initially outstrip supply.
“It is vitally important that we are part of any global initiative to pool purchasing power and share the risk involved in investing in vaccines at this early stage, to ensure we don’t miss out,’’ Peters said.
According to him, the details of the COVAX Facility, including financial contributions, are still being determined.
“By joining the facility now, New Zealand will be able to help shape the way it works and how a vaccine is eventually distributed,’’ he added.
The COVAX Facility incentivises pharmaceutical companies, however, promised to produce more of any vaccine.
It also allows countries to share risk with other participating countries by co-investing in a range of vaccine candidates.
“This is crucial because while there are several vaccines under development, the chance of success for any individual candidate is low.
“This way we can spread the risk and keep our options open,’’ Peters stressed.