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Let’s take a look at a recent development in the business world that has captured our attention. Moderna, a leading biotech company, recently announced that it has paused plans to build a vaccine-manufacturing site in Kenya due to a significant drop in demand for its Covid vaccines.
This decision comes after Moderna reported more than $1 billion in losses and write-downs related to the cancellation of previous vaccine orders from Africa. Despite initially planning to invest $500 million in the Kenyan site and supply 500 million doses of its messenger RNA vaccines to Africa annually, the company has determined that demand in the region is insufficient to support the viability of the factory planned in Kenya.
While this news may be disappointing for some, it highlights Moderna’s commitment to aligning its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa. The company remains dedicated to ensuring equitable access to its Covid shot through its global manufacturing network and is actively working on developing vaccines for diseases that predominantly affect the African continent, such as HIV and malaria.
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