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TOTAL global spending on a COVID-19 vaccine is projected to reach US$157 billion (approximately IDR2,263.7 trillion) by 2025, according to a report by US health data firm IQVIA Holdings Inc. The projected expenditure is driven by the ongoing mass vaccination program and immune booster shots which are expected to be carried out every two years.
According to IQVIA senior vice president Murray Aitken said vaccine spending is expected to be the highest this year at US$54 billion, with a massive vaccination campaign underway around the world. Then, countries’ spending on the COVID-19 vaccine is expected to decline to US$11 billion (approx. IDR158.6 trillion) by 2025, due to increased competition and vaccine volumes.
“Meanwhile the COVID-19 vaccine will cost US$157 billion over the next five years. That is a very small price to pay compared to the loss of human life due to the pandemic,” said Aitken.
IQVIA, which provides data and analytics for the health care industry, predicts that the first wave of vaccination against COVID-19 will reach about 70% of the world’s population by the end of 2022. Booster shots are likely to follow initial vaccination every two years, based on current data on duration vaccine effect.
The United States is preparing for the possibility that booster shots will be needed between nine to 12 months after a person receives a full dose of the COVID-19 vaccine, a White House official said earlier this month.
“The US pharmaceutical company, Pfizer Inc, also said booster injections may be needed within 12 months. Estimated spending on the COVID-19 vaccine represents two percent of the estimated US$7 trillion (approximately IDR100,947.3 trillion) for all drugs prescribed to patients during that time period, “IQVIA said.
Excluding the cost of the COVID-19 vaccine, overall drug expenditure is estimated to be US$68 billion lower over the six years from 2020 to 2025 – when compared to a world without a pandemic.
The report also said that the pandemic caused major disruptions to doctor visits as well as drug procedures and use, leading to stockpiling of some drugs in the early days and then returning to a more normal trend. [antaranews/photo special]
