AstraZeneca to withdraw its COVID-19 vaccine globally as demand dips, rare side effects revealed

The pharmaceutical giant AstraZeneca stated on Tuesday it’s withdrawing its COVID-19 vaccine worldwide citing low demand and a “surplus of available updated vaccines” for the reason that pandemic.

The vaccine — known as Vaxzevria – was considered one of quite a few pictures launched onto the market by pharmaceutical corporations aimed toward stopping folks from catching COVID-19. 

The firm stated it could proceed to withdraw Vaxzevria’s advertising authorizations inside Europe. The vaccine was by no means permitted within the U.S. by the FDA.

POLAND ASKS PFIZER TO RENEGOTIATE COVID-19 VACCINE DEAL

AstraZeneca stated that greater than 3 billion doses of its vaccine had been equipped globally and that “over 6.5 million lives were saved in the first year of use alone.” ( Reuters/Sergio Perez / Reuters Photos)

“As multiple, variant COVID-19 vaccines have since been developed there is a surplus of available updated vaccines,” the corporate stated, including that this had led to a decline in demand for Vaxzevria, which is not being manufactured or equipped.

AstraZeneca stated that greater than 3 billion doses had been equipped globally and that “over 6.5 million lives were saved in the first year of use alone.”

“Our efforts have been recognized by governments around the world and are widely regarded as being a critical component of ending the global pandemic,” the assertion stated, in accordance to The Guardian. “We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic.”

VACCINE MAKERS SEE STOCK PRICE BOOST ON BIDEN ADMIN COVID SHOT PUSH

The pharmaceutical big AstraZeneca stated on Tuesday it’s withdrawing its COVID-19 vaccine worldwide citing low demand and a “surplus of available updated vaccines” for the reason that pandemic. (iStock)

According to the Telegraph, AstraZeneca admitted for the primary time in court docket paperwork that its COVID vaccine may cause rare side effects such as blood clots and low blood platelet counts. The admission got here by means of by way of a UK class motion lawsuit that sought $125 million for nearly 50 victims of AstraZeneca vaccine side effects.

The European Medicines Agency listed Guillain-Barré syndrome as a really rare side impact of Vaxzevria in 2021 and added a warning within the product data.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The agency’s software to withdraw the vaccine was made on March 5 and got here into impact on May 7, in accordance to the Telegraph, which first reported the event.

Many international locations had already stopped supplying the vaccine earlier than Tuesday’s announcement. It has not been obtainable to be used in Australia since March 2023, although its use was already being phased out from June 2021 due to the widespread availability of newer vaccines, in accordance to the Guardian. 

London-listed AstraZeneca started transferring into respiratory syncytial virus vaccines and weight problems medicine by means of a number of offers final 12 months after a slowdown in progress as COVID-19 drugs gross sales declined.

Reuters contributed to this report.