After 'Sputnik V' announced, Russia now targeting a quarter of the world’s $75 billion coronavirus vaccine market - report

With the world's first Covid-19 vaccine now registered in Russia, the country is primed to secure a large chunk of the international market. By the end of 2021, Russia plans to supply the world with 1 billion doses.

On Tuesday, President Vladimir Putin revealed the registration of a domestic vaccine for the coronavirus, due to be available for the general public from January 2021. Under the trademark 'Sputnik V,' Russia will produce millions of doses per month, both at home and abroad.

According to Moscow daily Vedomosti, the global demand for Covid-19 vaccines is between 3-5 billion doses, worth more than $75 billion. Russia plans to compete for a quarter of the entire market.

Despite Western criticism of Sputnik V being 'rushed,' Russia's vaccine has already garnered interest from around the world, with 20 nations from Latin America, the Middle East and Asia already ordering batches for a combined one billion doses. As well as selling Sputnik V, the Russian Direct Investment Fund (RDIF) also plans to work on a humanitarian aid program to help with immunization in poorer, developing countries.

Developed by Moscow's Gamaleya Research Institute of Epidemiology and Microbiology, the vaccine has gone through two trial stages, with the third due to begin soon. Results so far have shown that Sputnik V has high efficacy and safety, with no volunteers experiencing any significant adverse reactions. Vaccination of medical workers and teachers will begin soon but it will not be compulsory for Russians to accept immunisation.

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