Moderna has recently announced that it will significantly increase its investment in the manufacturing of COVID-19 vaccines. With the increased investment, the company will be successful in making approximately 3 billion doses by next year.
In order to achieve this target, the company has stated that it will expand the manufacturing sites it has in the US, Spain and Switzerland. The capital for this major chunk of investment is being generated by the company’s cash inflow, which is estimated to be around $5.25 billion, according to the recent SEC filing.
Moreover, the company also aims to expand the supply and declared that by the end of 2021 it would be able to manufacture around 800 million to 1 billion doses. Moderna has also mentioned that their team is working on the production of a new vaccine, one that would be safe in the refrigerator for at least three months.
Stephane Bancel, CEO of Moderna, said that these plans have been drafted after a careful examination of the current circumstances: “At present, there is a rise in the coronavirus cases due to the spread of other, more powerful variants. In order to battle these other variants, the company has decided to not only increase the supply of the Moderna vaccines, but also work on formulating a vaccine that could last for a longer period of time.”
Although millions of people have taken the Moderna vaccine, but a recent research indicates that those doses will not be effective In fighting other variants. Hence, the company has taken those findings into account and the 3 million new doses will include booster shots as well as other components that will help people battle the other prevalent variants of the coronavirus.
Moderna has been heavily criticized for supplying its vaccines only to developed and high-income countries. It also doesn’t have an agreement with COVAX, an agreement that ensures a fair distribution of vaccines all across the world. However, an official from Moderna has claimed that the company is in talks with COVAX and soon, Moderna vaccines will be available to other countries as well.