Moderna Inc (NASDAQ:MRNA) would triple its vaccine manufacture with a multibillion-dollar investment. It is necessary to combat the growing menace of coronavirus across the world in 2022.
Doubles raw materials production
The company will ensure the availability of higher doses of vaccines in 2022 to protect the world population from coronavirus. Moderna can increase the manufacture of raw materials at Lonza, its Swiss-based partner. The investments will also help it double the fill/ finish and formulation at Rovi, a partner of Moderna based in Spain. Moderns can ramp up its vaccine production in the US-based plants by almost 50% through new investments.
Draws the criticism of democratic senators
Moderna is against sharing its formula with other companies to increase vaccine production. Democratic senators deplore companies such as Pfizer, Moderna, and Johnson & Johnson for their reluctance to share proprietary formulas to increase vaccine manufacture and contain coronavirus worldwide.
Moderna announced last October that it is willing to share its IP to increase the production of the coronavirus vaccine. However, it said sharing IP is detrimental to its outlook for 2022. Its capacity is already maximum and not sufficient to meet the growing demand for vaccines across the world. Moderna capacity is not comparable to Pfizer, which produces a large quantity of vaccines.
Bancel of Moderna said it is still a small company with just 1,300 employees on its roll. Therefore, TOT (Technology transfer) clinches its resources away in 2021. It also reduces its ability to manufacture several doses this year.
Moderna attracts $230 million
Moderna received $230 million from the US government. The company will continue to honor its commitments to various nations across the world in 2022.
Israel and several Western nations are inoculating their population to a great extent. The virus threat still looms large until most of the population worldwide receives the vaccine and could take up to 2023 to complete the task.
Moderna is already researching booster shots targeting coronavirus variants. The company expects to introduce its first boosters this fall and promote its growth.
Bancel further said vulnerable and older Americans, who received vaccination in January 2021 and December 2020, need to get inoculated again because they will lose their immunity faster.