The Pune headquartered Serum Institute of India (SII) which is the world’s largest vaccine manufacturer by volume, will provide its vaccine at under US$3 per dose for patients in India and also to 93 other countries under the new collaboration of the company with Bill and Melinda Gates Foundation.

Under this new agreement, the Gates Foundation through its strategic investment fund, will provide at-risk funding of US$150 million to Gavi, which will be used to support the SII to manufacture the potential vaccine candidates. As per the current valuation of Indian currency, the vaccine would be available for Rs 225 per dose.

SII will produce up to 100 million Covid-19 vaccine doses for India and low- and middle-income countries as early as 2021. The vaccines will be priced at maximum US$ 3 per dose and made available to 92 countries included in Gavi’s COVAX Advance Market Commitment (AMC).

The collaboration will provide upfront capital to SII to help them increase manufacturing capacity now so that, once a vaccine, or vaccines, gains regulatory approval and the World Health Organization (WHO) prequalification, doses can be produced at scale for distribution as early as the first half of 2021.