As the whole world is in search of the vaccine for coronavirus different health care companies are working on the same. One of them is Johnson & Johnson which has developed an experimental vaccine for coronavirus and has now announced that it will begin its human testing by September and will be available for emergency use authorization in early 2021. After this announcement was made Johnson & Johnson stock showed a growth of 8%.
The company announced that it has joined hand with federal Biomedical Advanced Research and Development Authority and will support with more than $1 billion of investment for vaccine research. The vaccine development work will start with phase 1 which is the human clinical study and the result of the effectiveness of the vaccine on human will come by the end of this year.
If everything goes according to plan the company will begin the mass production of vaccine and it will be available for emergency use in early 2021. The company is planning to increase its manufacturing capacity across the US and also all over the world. They are planning to produce 1 billion doses of the potential vaccine.
Chairman and CEO Alex Gorsky said that they are working on vaccine on “not-for-profit basis,” but he didn’t reveal the cost for the vaccine. The company began its work on the vaccine development in January this year and according to them the rate at which they are working to develop the vaccine is faster than the typical five to seven years. According to Gorsky, it is like a moonshot for them but its one which is very important.