The AstraZeneca vaccine has suffered a setback in the past few days as France, Germany and Italy have joined a “growing list” of European countries, now more than a dozen in total, to halt its use “temporarily”, says The Economist. A few countries in the rest of the world, including Indonesia, have followed suit. This “wave of suspensions” has been set in motion by data from a Norwegian medical regulator reporting four cases of blood clotting in adults given the vaccine. Similar scattered reports of blood clots “have come from Denmark, Italy and Austria”.
Those countries suspending the vaccine are behaving irrationally, says David Spiegelhalter in The Guardian. While suspected reactions “should be investigated”, moving too fast may lead to regulators “drawing causal links between events where none may exist”.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Lasting reputational damage
Experts agree that the decisions to suspend the vaccine look wrong, especially since the European Medicines Agency (EMA), the EU’s main regulator, continues to defend it, says Paul Cullen in the Irish Times. However, even if these countries eventually change their minds, the damage to the reputation of the AstraZeneca vaccine will be “massive and possibly lasting”. Despite its “impressively high effectiveness in real-world trials”, disparaging comments by many European politicians, as well as a perception that it is less effective in older patients, mean that it is facing a high degree of “consumer resistance”.
Concern over blood clots and lower effectiveness aren’t the only problem that AstraZeneca is up against, say Suzi Ring and Michelle Fay Cortez on Bloomberg. There is also the ongoing controversy over “manufacturing issues”, which means that the company will “only be able to deliver about 100 million doses to the EU in the first half of the year”, about one-third of the number originally planned.
AstraZeneca’s loss could be other companies’ gain, says Aimee Donnellan on Breakingviews. The EU has set itself a target of vaccinating 70% of its population, around 350 million people, by the summer. But without AstraZeneca’s vaccines, it will only have enough for 250 million people. So if Europe is to avoid having to impose more lockdowns in the winter, when infections start to pick up, Brussels will need to “speedily approve and distribute” other candidates, such as Johnson & Johnson’s jab, which got the nod from the EMA last week.
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
-
Chen Zhi: the kingpin of a global conspiracyChen Zhi appeared to be a business prodigy investing in everything from real estate to airlines. Prosecutors allege he is the head of something more sinister
-
Canada will be a winner in this new era of deglobalisation and populismGreg Eckel, portfolio manager at Canadian General Investments, selects three Canadian stocks
-
Jim O’Neill on nearly 25 years of the BRICSJim O’Neill, who coined the acronym BRICS in 2001, tells MoneyWeek how the group is progressing
-
Circle sets a new gold standard for cryptocurrenciesCryptocurrencies have existed in a kind of financial Wild West. No longer – they are entering the mainstream, and US-listed Circle is ideally placed to benefit
-
8 of the best converted industrial properties for saleThe best converted industrial properties for sale – from a Victorian railway station in Norfolk to a Grade II-listed former water tower with views of the River Alde
-
More clouds gather over renewable energy trusts – is there any hope for the sector?The outlook for renewable energy trusts has gone from bad to worse this year, with the industry being caught in a 'perfect storm'
-
Should ISA investors be forced to hold UK shares?The UK government would like ISA investors to hold more UK stocks – but many of us are already overexposed
-
Why Scotland's proposed government bonds are a terrible investmentOpinion Politicians in Scotland pushing for “kilts” think it will strengthen the case for independence and boost financial credibility. It's more likely to backfire
