AstraZeneca Withdraws COVID-19 Vaccine Due to Surplus of Updated Variants
Vaccine Production Amid Declining Demand
AstraZeneca, the pharmaceutical giant, has announced the cessation of its COVID-19 vaccine production, less than four years after its launch in the UK. The decision stems from a surplus of drugs targeting newer variants, resulting in diminished demand for the jab.
Background
The vaccine, named Vaxzevria, was developed in collaboration with scientists from Oxford University within months of the pandemic outbreak. It gained approval in the UK in late 2020 and has supplied over 3 billion doses since its inception.
Initial Rollout Challenges
Unlike its competitors Pfizer and BioNTech, as well as Moderna, AstraZeneca initially adopted a non-profit model, selling the vaccine "at cost" as part of its agreement with Oxford. Despite playing a significant role in ending the pandemic, its rollout faced hurdles such as rare incidents of blood clotting and disputes with the European Union over access.
Decline in Demand
AstraZeneca's vaccine faced declining sales as newer COVID-19 vaccines, notably those utilizing mRNA technology from Pfizer/BioNTech and Moderna, gained prominence. Revenue for the jab plummeted from almost $4 billion in 2021 to a mere $12 million in 2023, prompting the company to shift its focus towards for-profit deals.
Regulatory Challenges
While approved in the UK and EU, AstraZeneca's vaccine failed to secure authorization in the US, with authorities criticizing the presentation of efficacy data. Confidence in the vaccine waned further in 2021 following reports of rare blood-clotting incidents, leading European authorities to restrict its usage among younger demographics.
Legal Proceedings
AstraZeneca faces legal action from individuals claiming adverse effects from the vaccine, including severe blood clots. However, the company maintains that the decision to withdraw the vaccine is unrelated to these incidents.
