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Home Economy Socio Economic

Covid-19: EU says it will force vaccine companies to respect supply contract

Chike Olisah by Chike Olisah
January 25, 2021
in Socio Economic
Covid-19: EU says it will force vaccine companies to respect supply contract
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The European Union (EU) has said that it will make pharmaceutical companies respect contracts they have signed for the supply of Covid-19 vaccines.

The statement by the EU follows a series of delays and slowdowns in the supply of the vaccines from some drugmakers.

According to a report from Reuters, this disclosure was made by the European Council President, Charles Michel, while speaking to Europe 1 radio on Sunday, January 24, 2021.

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Michel in his statement said, “We plan to make the pharmaceutical companies respect the contracts they have signed … by using the legal means at our disposal.’’

While he made no mention of possible sanctions, Michel said that the EU would insist on transparency about the reasons for the delays.

He pointed out that after Pfizer’s first warnings about delays of several weeks, the EU had managed to reduce these delays by taking a tough stance.

Michel also said, “We banged our fist on the table and finally announced delays of several weeks turned into a slowdown of deliveries.’’

What you should know

  • It can be recalled that Pfizer Inc last week announced that it was temporarily slowing supplies to Europe to make manufacturing changes that would boost output.
  • On Friday, AstraZeneca also said that initial deliveries to the region will fall short because of a production glitch.
  • Pfizer had been set to deliver about 80 million doses of the Covid-19 to the 27 countries by March.

Follow us for Breaking News and Market Intelligence.
Tags: Charles MichelEuropean Union (EU)Pfizer
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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