AstraZeneca said the first doses were being released on Wednesday, and that vaccinations will begin at the beginning of the new year. The launch comes amid a dramatic increase in coronavirus cases in the UK.
“This regimen has been shown in clinical trials to be safe and effective in preventing symptomatic Covid-19, without severe cases and without hospitalizations more than 14 days after the second dose,” said AstraZeneca.
AstraZeneca has pledged to supply hundreds of millions of doses to low- and middle-income countries and to distribute the non-profit vaccine to those nations in perpetuity.
The vaccine is significantly cheaper than others that have been approved and much easier to transport and distribute than its rivals. Unlike vaccines developed by Moderna and Pfizer, AstraZeneca’s offer does not need to be stored in super-cold temperatures.
They are doing a lot of doses: AstraZeneca says it is working with partners, including the Serum Institute of India, to build a manufacturing capacity of up to 3 billion doses in 2021 on an ongoing basis.
For comparison: Pfizer expects to produce up to 50 million doses of vaccines in 2020 and up to 1.3 billion doses in 2021. Moderna said last month that it is on track to manufacture 500 million to 1 billion doses in the next year.
The richest countries in the world have already reserved much of the capacity offered by Pfizer and Moderna. This makes the AstraZeneca vaccine even more important for developing economies.
Take India, for example. Asia’s third largest economy has not ordered vaccines sold by Pfizer and Moderna, but is expected to receive hundreds of millions of doses of the AstraZeneca vaccine.
“The effectiveness of the Oxford vaccine is … the most encouraging sign that India has a way to end the Covid-19 epidemic and the social detachment that continues to weigh on the economy,” wrote analysts at Capital Economics in a survey recent Note.
India, which is one of the world’s largest vaccine manufacturers, can approve the AstraZeneca vaccine as early as Wednesday, according to media reports. Doses are being made in the country by the Serum Institute of India.
A caveat: the team that developed the AstraZeneca vaccine previously said that it had an “average effectiveness of 70%”, with a dosage regimen showing 90% effectiveness. This is not as good as Pfizer and Moderna.
Sears is dying a silent and invisible death
Once the United States’ leading retailer in the 1980s, the company that now owns the Sears and Kmart chains came out of bankruptcy less than two years ago. He avoided another trip to bankruptcy court this year, when the Covid-19 pandemic forced some rival networks to close the market.
But avoiding bankruptcy is not a sign of health, reports my CNN business colleague Chris Isidore. The company made little effort to reinvigorate stores, increase sales or reverse its failed businesses.
The collapse of the commercial real estate market may be another reason the company has not left the market this year. Sears would likely find few, if any, offers suitable for its assets.
“Everything is available. But of course, there is no market for department stores,” said Mark Cohen, director of retail studies at Columbia University and a former Sears executive. “They are, for all intents and purposes, done.”
Without a viable exit strategy, both Sears and Kmart are slowly and quietly dying. They are closing stores whenever possible and listing virtually all other locations with commercial realtors.
How it can end: As soon as the commercial property market improves and new tenants can be found for its remaining stores, Sears will be under more pressure to close the chains, according to experts.
“Sears is waiting until the market is more favorable,” said Neil Saunders, managing director and retail analyst at research firm GlobalData.
Career to do in 2021
If 2020 left you feeling that all you did was step on the water at work, let’s make your career a new year goal.
Think big, plan small: it’s okay to make big career changes, but break the goal down into smaller steps. Achieving smaller goals will motivate you and keep you on track.
Start your networking game: love it or hate it, networking is important for career success. Look for virtual events to meet people in your current area (or in the profession of your dreams). To help make the process less complicated, an expert recommended having a 30-second pitch ready, as well as some questions to ask new people.
Re-establish the limits: many of us have at least a few more months of work at home, so let’s take the time to re-establish the limits of working life. Set boundaries with your employer, family and (ahem) with yourself by being clear about when you are working or not.
Next
The European Union and China must announce that they have reached an investment agreement that addresses issues such as market access.
Also today: The US Energy Information Administration releases a report on crude oil stocks at 9:30 am ET.
Tomorrow: Unemployment insurance claim data will give investors a final read on the U.S. labor market in 2020.