Serum Institute of India
Serum Institute seeks financial assistance from govt to boost capacity
New Delhi/IBNS: Adar Poonawalla, the CEO of world's largest vaccine manufacturer Serum Institute of India (SII), has told NDTV it needs Rs 3,000 crore in assistance from the Indian government to expand its production capacity which is currently "very stretched" in wake of the export restrictions imposed by the government last month.
Poonawalla stated that the Indian government pays it far less per shot of the vaccine than what is earned in exports, necessitating funding to boost the production capacity.
"This was never budgeted or planned initially, because we were supposed to export and get the funding from export countries but now that that is not happening, we have to find other innovative ways to build our capacity," Poonawalla said.
He admitted that SII is not able to supply the vaccine to every Indian who needs it and at the moment it is prioritising India's needs.
He said the Indian government is paying Rs 150 per shot which is profitable but not enough for reinvesting.
"The price that is set is profitable, however it is not profitable enough to re-invest substantially in building capacity," Poonawalla said.
SII has appealed to the government for financial help after restrictions were imposed on the exports of Covishield to battle a steep rise in cases at home.
Poorer countries as well as some rich nations relied heavily on the Serum Institute of India (SII) to vaccinate their citizens with the AstraZeneca vaccine.
Serum Institute produces over two million doses of Covishield per day at its current capacity.
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