Union government announces ₹45 billion aid to vaccine manufacturing companies to ramp up production

New Delhi: On Monday, The govt decided to administer the Corona vaccine to everyone over 18 years of age to provide an impetus to the Corona vaccination campaign. Whereas, the government announced a package of ₹45 billion for the vaccine manufacturing companies. This assistance is being provided to these companies to increase their production capacities. Union finance ministry made this announcement. Thereafter, Prime Minister Narendra Modi had a dialogue with the vaccine manufacturing companies.

Union government announces ₹45 billion aid to vaccine manufacturing companies to ramp up productionCovishield, developed by Oxford-AstraZeneca, is being manufactured by the Serum Institute of India. Whereas, Covaxine, developed by ICMR and Bharat Biotech, is being manufactured by Bharat biotech. There is a need to increase the production capacities in these companies, if the speed of vaccination has to be increased. The government recently permitted Haffkine Bio-Pharmaceutical Corporation Limited, Indian Immunologicals Limited and Bharat Immunologicals and Biologicals Corporation Limited, to manufacture Covaxine. But the finance ministry took this major decision given the funding requirements to increase the capacities at Serum Institute of India and Bharat Biotech.

Serum Institute will be supplying 200 million doses till July. Whereas, Bharat Biotech will supply 90 million doses. The government purchases these vaccines at ₹150.00 per dose. The government has made funds available to these companies for capacity expansion by making an advanced payment for the promised supply. ₹30 billion will be given to Serum Institute and ₹15 billion will be given to Bharat Biotech.

Union government announces ₹45 billion aid to vaccine manufacturing companies to ramp up productionOnly a few days ago, Adar Poonawalla, Director of Serum Institute, said that nearly ₹30 billion is required to ramp up manufacturing the vaccine. This decision has been taken against this background.

After that, Bharat Biotech announced that the capacity of the Hyderabad and Bengaluru plant would be 700 million doses per year.

Meanwhile, Prime Minister Modi had a dialogue with the main vaccine manufacturers. During the meeting, Prime Minister Modi expressed confidence in the capacity of the manufacturers. He also appealed that the vaccine manufacturers should increase the capacity from time to time as the vaccination campaign has to be expedited.

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