On Wednesday, stocks in German Biotechnology firm, BioNTech SE, were almost eighteen percent at the end of the day, expressing confidence after the latest report by American health-oriented news website STAT and the New York Times, which stated that the U.S. Food and Drug Administration (FDA) hopes to authorize the firm’s coronavirus jab in September.
The United States public health protection agency FDA purportedly intends to give full authorization to the Pfizer-BioNTech-made vaccine. Moreover, unlike Mainz-based pharmaceutical firm, Pfizer Inc.’s stock didn’t surge and was down one percent at market close.
BREAKING: Pfizer’s COVID-19 vaccine expected to get full FDA approval by September 6, sources say – NYT
— BNO Newsroom (@BNODesk) August 3, 2021
Furthermore, coronavirus vaccine competitor Moderna Biotechnology firm has also seen a diffident increase of eight percent.
As a result of the stock price boost, Ugur Sahin, BioNTech co-founder and chief executive, saw an increase in his net worth of 2.4 Bn dollars on August 4, for a total of 16.2 Bn dollars.
As three coronavirus jabs have received Emergency Use Authorization (EUA) in America, no jabs have been fully authorized yet by the U.S. FDA. That is amid the process for full stamp FDA authorization is very time-consuming and includes manufacturing plant inspections, safety data analysis, and financial reviews.
Vaccine Full Approval Is A Time-Consuming Process
Receiving the full stamp authorization for a jab is a time-consuming procedure that could take up to ten months under normal conditions. Both Moderna and Pfizer have applied for “special designations to fast-track authorization,” which means it could take six months.
While the process for vaccine full authorization takes a minimum of six months, some health experts have been pressurizing the federal health protection agency to move more swiftly, saying that the lack of full authorization is what is making several US people hesitant to receive shots.
Seventy percent of U.S. adults have been already received at least one shot of a coronavirus vaccine as of this week, in spite of not being fully authorized yet.
According to multiple sources with the plan, last week, Joe Biden, the President of America, said that he anticipated a fully stamp approved COVID-19 vaccine in early Autumn. But the U.S. FDA’s unofficial deadline is Labor Day or more soon.