The European Union (EU) is planning to accelerate the development of COVID1-9 vaccines through advance purchase agreements with promising medical companies, the bloc announced.
In order to support companies in the swift development and production of a vaccine, the European Commission will enter into agreements with individual vaccine producers, Xinhua news agency quoted the EU as saying in a statement on Wednesday.
In return for the right to buy a specified number of vaccine doses in a given timeframe, the Commission will finance part of the upfront costs faced by vaccines producers.
Funding provided will be considered as a down-payment on the vaccines that will actually be purchased by the EU’s member states.
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