Drugmaker Pfizer may have approval for its COVID-19 vaccine by late October, according to CEO Albert Bourla, in an interview on ‘Face the Nation.’
The company would be able to distribute “hundreds of thousands of doses,” were the approval to be received.
Pfizer is joined by Moderna and AstraZeneca, all of which have reached late-stage trials with the Food and Drug Administration (FDA). Pfizer filed a proposal with the agency Saturday to increase its trial from 30,000 to 44,000 participants.
Won’t Be Trumped
The drugmaker was part of the group of nine companies who recently issued a letter stating that they would not lower testing standards. Some had feared that U.S. President Trump might force a vaccine release before the election for political gains.
The Trump administration has named the search for a vaccine ‘Operation Warp Speed’, with hopes for positive results soon. However, the scientific process will be upheld, per the drug corporations.
While the approval may come relatively soon, distributing the vaccine could take months. The current plan includes a two-dose course with a significant space of time between doses. Medical equipment to administer the doses could be in short supply as well.
Helping the Economy
The news sent stock futures soaring into the open on Monday morning. Futures on the Dow, Nasdaq, and S&P 500 rose 1.33%, 2.34%, and 1.69% by midday.
The rallies also came after a tough week for tech stocks, as the market saw a substantial sell-off. The heavily overbought FAANG stocks had seen dramatic losses last week.
Bitcoin, however, after recovering above $10,500, dropped back below $10,300 over the weekend. The potential for a market recovery seemed to have had a negative impact on the cryptocurrency, adding credence to the idea that Bitcoin could be ‘digital gold.’
