(MENAFN) In a significant move announced on Tuesday, AstraZeneca disclosed its decision to commence the withdrawal of its COVID-19 vaccine from distribution across the globe. The withdrawal decision stems from what the company described as a "surplus of updated vaccines available" since the onset of the pandemic. Additionally, AstraZeneca revealed its intention to initiate the withdrawal of marketing licenses for the Vaxifria vaccine within Europe.
The pharmaceutical giant underscored the emergence of multiple COVID-19 vaccines, including variants developed subsequently, which has resulted in an oversupply of vaccines. Consequently, there has been a notable decrease in demand for Vaxifria, a vaccine that AstraZeneca no longer manufactures or supplies.
Media reports have highlighted AstraZeneca's acknowledgment, as stated in court documents, of the vaccine's potential side effects, such as blood clots and low platelet counts. The company had formally submitted a request for the vaccine's withdrawal on March 5, and this request has now taken effect as of Tuesday, according to information reported by the Telegraph newspaper, which first brought attention to these developments.
AstraZeneca's decision to withdraw its COVID-19 vaccine reflects a strategic shift in focus for the London-listed pharmaceutical company. Facing a slowdown in growth as sales of COVID-19 treatments declined, AstraZeneca began diversifying its portfolio into other vaccines and obesity treatment drugs through a series of deals initiated last year. This move underscores the company's adaptability in response to evolving market dynamics and its commitment to prioritizing public health amidst the ongoing global health crisis.
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