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Global conference seeking $8bn for coronavirus vaccine

World leaders are due to hold a virtual conference to boost $8.3bn for efforts to develop a vaccine and coverings against the new coronavirus.

The uk , Canada, France, Germany, Italy, Japan, Norway, Saudi Arabia and therefore the European Commission, are co-hosting the web event, which is a component of a month-long international investment drive before the worldwide Vaccine Summit on June 4. Monday’s conference is scheduled to start out at 14:00 GMT.

The fundraising drive aims to pool resources worldwide to develop a vaccine and effective treatments as quickly as possible and to form them universally available at affordable prices.

The funds will mainly be allocated to established international health organisations and research networks.

The funds raised will “kickstart an unprecedented global cooperation between scientists and regulators, industry and governments, international organisations, foundations and healthcare professionals”, European leaders backing the initiative said in an letter published in weekend newspapers.

The letter was signed by European Council President Charles Michel, Italy’s Prime Minister Giuseppe Conte, French President Emmanuel Macron, Germany’s Chancellor Angela Merkel and Norway’s Prime Minister, Erna Solberg,

However, the leaders warned that extra money would still be needed to manufacture and deliver “available, accessible and affordable” medicines across the planet .

“If we will develop a vaccine that’s produced by the planet , for the entire world, this may be a singular global public good of the 21st century,” they added.

Scientists round the world are racing against the clock to develop a vaccine against the novel coronavirus, which causes COVID-19, a highly infectious respiratory illness . To date, there are quite 3.5 million known infections and a minimum of 247,000 deaths globally.

As many as 100 potential COVID-19 vaccines are in development round the world, and a minimum of five have started human clinical trials – within the us , China, the united kingdom and Germany.

Last week, British pharmaceutical giant AstraZeneca announced a partnership with Oxford University for the large-scale manufacture and potential distribution of a vaccine currently unproved .

Mark Jitt, professor of vaccine epidemiology at the London School of Hygiene and medicine , said the planet is “desperate” to possess a coronavirus vaccine.

“They (vaccines) are being developed in many countries. i feel the most important number is within the US followed by China,” Jitt told Al Jazeera.

“The bad news is that the standard timeframe to develop a vaccine – from the time of initial discovery to truly having a vaccine to tend on a population level – is typically about 10 to twenty years.”

At Monday’s conference, the united kingdom is predicted to pledge 388 million pounds ($482m) and Germany has promised a “significant financial contribution”, expected to be within the many millions.

UK Prime Minister Boris Johnson, who spent three nights in medical care with COVID-19, said finding a treatment was “the most urgent shared endeavour of our lifetimes”.

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