According to a recent update on Wednesday from Xinhua news agency, 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. In return for which the commission will finance part of the upfront costs faced by vaccine producers. Funding provided will be considered as a down-payment on the vaccines that will actually be purchased by the EU’s member states. The tool was one of the remedies included in the EU’s vaccines strategy, which also allows the European Commission to make use of existing flexibilities in the bloc’s regulatory framework to accelerate the authorization and availability of successful vaccines.
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