The Covid-19 vaccine from Pfizer Inc. PFE 0.09% and BioNTech SE BNTX 1.46% has emerged as the world’s vaccine of choice.
The protection provided by the Pfizer-BioNTech vaccine doesn’t appear to wane over time as much as Chinese vaccines, according to studies and government officials, and supplies haven’t been limited as with Russia’s Sputnik V shot.
The World Health Organization estimates the global vaccine market, not including Covid-19 vaccines, is worth $33 billion a year world-wide.
After a limited start, Pfizer and BioNTech began building out their manufacturing early on in the pandemic before knowing if the vaccine worked.
Argentina initially rejected the Pfizer-BioNTech vaccine partly because Pfizer insisted the country shield it from legal liability for any injuries caused by the shot.
The country’s vaccine law, passed in October to govern the purchases of shots, could have exposed Pfizer to lawsuits if a person was severely sickened by the company’s vaccine.
In July, Argentina issued a decree removing negligence language from the vaccine law to accommodate Pfizer, and set up a fund to compensate people harmed by the vaccine.