One of the richest men in China has seen his personal wealth plummet after betting on the success of the Pfizer Covid vaccine.
As the pandemic swept through the world and campaigns for widespread vaccination grew, pharmaceutical boss Guo Guangchang struck a deal with Germany’s BioNTech SE, which partnered with Pfizer to produce one of the world’s most widely distributed vaccines.
Zhao Bing, a senior healthcare research analyst at China Renaissance Securities HK Ltd, says the issue over Pfizer getting the green light is “a political issue, rather than an economic or biological one”. China is yet to approve the Pfizer Pfizer-BioNTech jab for the mainland year on from Guangchang’s deal.
Analysts claim the government is reluctant to green-light a foreign vaccine due to fear of showing a lack of faith in its own homegrown technology. Beijing’s reported concern could also be interpreted by nationalists as an acknowledgment that Chinese made vaccines are less effective than ones provided by the West.
The Walvax jab is being slated for use as a booster shot for China’s population, following 2021 reports confirming the waning effectiveness of current vaccines six months on from an initial double dose.“It’s very likely the shot could be first given emergency authorisation in China with data from the booster trial.”
According to Yanzhong Huang, a senior fellow for global health at the Council on Foreign Relations, the facility was proof of China’s determination to eliminate the virus.
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