The United Kingdom (UK) Prime Minister Boris Johnson announced on Monday that the Serum Institute of India (SII) is set to invest in facilities in Britain and could even manufacture inoculations in the UK in future.
The Downing Street Office of Johnson stated that the supposed 240 million British Pound Initiative would incorporate a sales office, "clinical trials, research and development and possibly manufacturing of vaccines."
SII, in relation to the volume, is the largest vaccine maker in the world. It has been singlehandedly spearheading the massive production of cost-effective AstraZeneca jab.
SII has begun trials in phase one in the UK for a one-dose nasal vaccine for coronavirus.
Downing Street implicated that the vaccine maker's plans encompassed a bigger package of trade and investment deals with India for a whopping $1 Billion, which is estimated to generate 6,500 jobs.
It was announced even before the virtual discussions between Johnson and Prime Minister Narendra Modi on Tuesday.
India owing to its great population and growing economy, had been on the radar of London for trade deal targets since Britain announced its exit from European Union last year. But the abrupt eruption of the second wave, which has kept the health care system of the country on edge, made Johnson withdraw from his visit planned for this month.
Prior to the second wave of COVID-19, India was successfully exporting millions of SII-vaccines, AstraZeneca shots through the Covax scheme.
Last month the centre froze the exports to prioritise the vaccination in the nation.
Britain said on Sunday it was sending an extra 1,000 oxygen ventilators to India, having already sent 495 oxygen concentrators, 200 ventilators, and three larger production units dubbed oxygen factories, reported NDTV.
SII manufactures around 60-70 million vaccines every month and aims to pursue a 100 million production by July.
SII, based in Pune, is a trailblazing facility headed by 40-year-old chief executive Adar Poonawalla. He is the heir of a pharmaceutical dynasty worth $11 billion.
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