NEW DELHI, Feb. 15 (CNBC) - India could become the world’s second largest Covid vaccine maker, and analysts say the country has the capacity to produce for both its own population and other developing countries.
Most of the world’s vaccines have historically come from India. Even before Covid-19, the South Asian country produced up to about 60% of the world’s vaccines — and can do so at a relatively low cost.
“India has been a manufacturing hub for vaccines … even before the pandemic, and should therefore be a strategic partner in the global inoculation against COVID-19,” JPMorgan analysts wrote in a report last month.
Consulting firm Deloitte predicts that India will be second only to the U.S. in terms of coronavirus vaccine production this year. PS Easwaran, a partner at Deloitte India, said more than 3.5 billion Covid vaccines could be made in the country in 2021, compared to around 4 billion in the U.S.
Furthermore, companies in India are currently scaling up production to meet demand.
“We are expanding our annualized capacities to deliver 700 million doses of our intramuscular COVAXIN,” said Indian firm Bharat Biotech, which developed a Covid vaccine together with the state-run Indian Council of Medical Research.
Covaxin has been approved for emergency use in India, but has been mired in controversy due to criticism that there was a lack of transparency in its approval, and also because it hasn’t published enough efficacy data.