Equity markets are crystal ball gazers. They try to price in good news and bad news long before they happen. Right now, the big moment bulls are eagerly waiting for is the day when a successful vaccine for COVID-19 is ready for wide use around the world.
There are currently over 200 candidates in development to thwart the coronavirus which has wreaked havoc across the globe. The World Health Organization has identified 17, which are undergoing clinical trials.
Over the last two months, there have been many occasions when markets have jumped higher on testing results from a number of vaccines. Be it the one being developed by AstraZeneca/University of Oxford or the one that Moderna is working on - markets have been eager to price in the good news.
And now comes the news from India's own ICMR (Indian Council of Medical Research). In a letter, ICMR sent to 12 hospitals and medical institutions that are involved in the clinical trials of Covaxin, it said - “It is envisaged to launch the vaccine for public use by latest August 15th after completion of all clinical trials..”
Prashant Nair takes us through a quick primer on why vaccine development is a lengthy process and also the under development vaccines which scientists are betting on the most.