Coronavirus Vaccine: 100% Advance Till July Given To Serum Institute, Bharat Biotech: Sources
The centre has given 100 per cent advance to two of India's Covid vaccine manufacturers till July, senior sources in the Finance Ministry told NDTV on Monday night.
The advance - calculated as Rs 3,000 crore for the Serum Institute (which produces Covishield) and Rs 1,000 crore for Bharat Biotech (which produces Covaxin) will ensure the two manufacturers get the funding necessary to continue, and scale up, production of vaccines, the sources said.
Both SII and Bharat Biotech will get the benefits "immediately", the sources confirmed.
Last week the centre also authorised a Rs 65 crore grant for Bharat Biotech's Bengaluru facility, which is being re-purposed to help scale up production of Covaxin.
The advances comes amid concerns SII and Bharat Biotech lack funds to scale up production - including purchasing raw materials, paying staff, and making and distributing the vaccine doses.
That concern was highlighted in recent weeks with states red-flagging low stocks of the vaccine.