Pfizer, one of the largest American multinational pharmaceutical companies, in collaboration with BioNTech, a German biotechnology company, has developed a COVID-19 vaccine that is 90% effective.

This is great news as the chairman and CEO of Pfizer, Dr. Albert Bourla seems to be hopeful about the results and says that this is one of the most important medical advancements in terms of the impact it will have on public health and the economy of the world.

Drug-makers along with research centers are on their toes and are doing their best to meet the demand which is quite huge.

Generally, scientists are hopeful for such a vaccine to be 75% effective whereas Dr. Anthony Fauci, an American physician, and immunologist, said that around 50 to 60 percent is acceptable.

After this news, the US stock went up as Dow Jones Industrial Average reported an increase of 1,646 points.

The industries whose stocks went up are the airline industry and cruise lines industry as they witnessed a surge of 20 to 30 percent in their stocks. These industries were the most affected by the pandemic due to travel bans.

An Independent Data Monitoring Committee conducted an analysis based on first interim efficacy in which 94 COVID infections among 43,538 participants were confirmed. It was also found that the protection against the deadly virus is achieved after 28 days of the initial vaccination.

This vaccine could be available anytime between December till the third quarter of 2021. Albert seemed confident after the successful results and claimed that it is the best time to launch the vaccine.

Among the participants, 42% are diverse and no safety concern has come up yet.

Around 50 million vaccines are expected to be ready by the end of 2020 and 1.3 million in 2021. It would be hard to provide such a large quantity as the vaccine requires a temperature of -94 F.

Both the companies are going to submit the data on the phase 3 trial soon.

Dr. Peter Drobac says this would be extraordinary as the required percentage is only 50%.

The US officials and experts are hopeful for a vaccine to be ready for use by the first half of 2021. This would be tremendous because it normally takes a decade for a vaccine to be ready.