$150 billion dollar expected to be spent worldwide on COVID-19 vaccine through 2025: Report

WASHINGTON DC: A report by United States based health data company IQVIA Holdings Inc (IQVIA), released on April 29, said that the global spending on the COVID-19 vaccines is expected to reach $157 billion by 2025. IQVIA provides data and analytics for the healthcare industry. The report established that the first wave of COVID-19 vaccinations is expected to reach about 70 per cent of the world’s population by the end of 2022.

Based on current data, on the duration of effect of the vaccines booster shots are likely to follow initial vaccinations every two years. According to an official from the White House, the United States of America is preparing for a possible need for booster shot, which will be needed between 9 to 12 months after people receive their full inoculations against COVID-19. Pfizer Inc had also informed in April 2021 that boosters may be needed within 12 months.

Murray Aitken, senior Vice President, IQVIA, said that the expenditure on vaccines is expected to be highest this year, at $54 billion, owing to the massive vaccination campaigns that are underway across the globe. However, due to the increased competition and increased vaccine volume, this yearly expenditure on vaccines is expected to decrease after eventually decreasing to $11 billion in 2025. He added that the COVID-19 vaccines will cost a whopping amount of over $157 billion over the next five years globally. It will however remain a small price to pay relative to the human cost of the coronavirus pandemic.