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This post may refer to COVID-19

This post may refer to COVID-19

To access official information about the coronavirus, access CDC - Centers for Disease Control and Prevention.

www.cnbc.com

World faces an anxious wait as Covid vaccine makers prepare for omicron variant

Global hopes are being pinned on vaccine makers to come up with shots that work against the new strain.

Health

LONDON — As the new omicron Covid variant spreads around the world, hopes are being pinned on vaccine makers’ ability to develop effective shots against the strain.

Global market sentiment nosedived on Tuesday morning amid fears that the Covid-19 vaccine currently in use could be less effective against the new omicron variant. The strain was first identified in South Africa and designated a “variant of concern” by the World Health Organization on Friday.

The sharp reversal for European and U.S. stock futures came after Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant.

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Bancel told CNBC on Monday that it could take months to develop and ship a vaccine that specifically targets the omicron variant. He added that will take at least two weeks to determine how much the mutations have impacted the efficacy of the vaccines currently on the market.