Several Chinese companies are at the forefront of the race to develop a vaccine to the disease and Russian Federation has set a target date of September to roll out its own medicine.
"Pharmaceutical companies have been under pressure to keep COVID-19 therapies and vaccines affordable, particularly when the federal government - and taxpayers - have offered substantial funding toward research and development", NRP's Sydney Lupkin said.
The Imperial college used the synthetic strands of genetic code based on the virus to manufacture its vaccine.
The Minister also said that another vaccine, developed by Vector, a Novosibirsk-based infectious diseases lab, is undergoing clinical trials.
More than 100 vaccines are being developed around the world against the COVID-19 pandemic but only four are in final Phase III human trials, according to World Health Organization (WHO) data, including three developed in China and another in Britain.
The United States will pay $2.1 billion to Sanofi and GSK for the development and manufacture of a COVID-19 vaccine as part of 'Operation Warp Speed, ' the White House initiative to secure access to millions of doses.
The deal is worth $2.1 billion and involves the supply of vaccines for 50 million people, with the option to buy another 500 million doses. And this morning the USA government has procured up to 100 million doses in an Operation Warp Speed deal worth $2.1 billion.
Under the USA contract with Sanofi and GlaxoSmithKline, more than half of the $2.1 billion is earmarked for clinical trials and other development costs.
The EU is positioned on the vaccine from Sanofi is now in full development.
The deal follows billions of dollars of USA commitments to other experimental vaccines - all still needing to show their effectiveness in testing - and may stoke concerns that other countries will be left behind.
The US is assembling an army of vaccine candidates in the hopes that one will be successful in warding off the coronavirus. Sanofi expects a Phase 1 study to start by the end of the year, and, if data are positive, an approval at the earliest in the second half of 2021. We are a global biopharmaceutical company focused on human health.
The two companies' inoculation is combination of a vaccine based on Sanofi's flu shots and a complementary technology from GSK called an adjuvant, created to improve the vaccine's potency.
"This announcement helps to ensure that millions of Europeans will have access to a potential vaccine protecting against COVID-19, once proven safe and effective", said Thomas Triomphe, Executive Vice President and Global Head of Sanofi Pasteur. We start the vaccine registration process, which will be administered, initially, to special groups, including doctors and teachers, while mass vaccination will start in October, he explained.