A U.S. drug company recently said that it’s in late-stage trials for its coronavirus vaccine and reported that it could be given to Americans as early as the end of the year.[i]
Great news. But it seems like every few days there’s a new update on a clinical trial for COVID-19. So we took the opportunity to check out the overall status for the development of a vaccine.
Much to our surprise, we learned that more than 150 vaccines are in development across the world. Hopes are high that at least one of these vaccines can be brought to market in record time to help manage the global crisis.[ii]
In the past, it has taken 10 to 15 years to develop a vaccine that’s ready for the market. The vaccine for the mumps, for example, took four years in the 1960s.2
Along with the rapid development, there has been some fear that the process may be moving along too quickly without the proper checks and balances. On September 8, nine drug companies attempted to ease those concerns, releasing a letter saying they would prioritize safety and uphold “the integrity of the scientific process” in their efforts to develop coronavirus vaccines.[iii]
We expect that news about potential vaccines may continue to influence the financial markets. Progress on vaccines also may affect the outlook for specific industries, like travel and leisure. At least one airline company believes that a vaccine may be critical to the ongoing recovery of the aviation industry.[iv]
Much like you, we’re watching the developments and hoping for amazing news that may help bring an end to the coronavirus. If you are concerned about the coronavirus and how it is or will affect your finances, we welcome the chance to speak with you. Have a wonderful weekend!
[i] FoxBusiness.com, September 13, 2020
[ii] NationalGeographic.com, September 9, 2020
[iii] USNews.com, September 8, 2020
[iv] CNBC.com, September 13, 2020