Australia invests over $ 88 million to develop COVID-19 vaccines

Australia will have access to some of the world's leading COVID-19 vaccine candidates after the Federal Government committed more than $120 million to enter a global vaccine agreement.
The Federal Government has struck a deal to join the global vaccines facility known as COVAX, which is co-led by the World Health Organization (WHO), epidemic response group CEPI and the Vaccine Alliance of Governments and Organisations (GAVI).

Health Minister Greg Hunt said the Government's initial $123 million investment allowed Australia to buy doses for up to half the population if one of the vaccines in the scheme was successful, with purchases of doses to be negotiated as potential vaccines are proven to meet safety and effectiveness standards.

But he said the money spent was also a down payment for any future vaccines.
"It gives us a place at the front of the queue, but it also acts as a credit towards any vaccines we may purchase through that facility," he said.

More than 150 countries, representing 64 percent of the world's population, have signed on to the scheme, aiming to develop and distribute 2 billion doses of safe, effective vaccines by the end of 2021.

Under the plan, rich and poor countries pool their money to try to level the playing field and ensure lower-income countries also get fair and equitable access to any future vaccines.