COVID-19 Vaccine To Be Manufactured in Portage
A new two square mile property in Portage Michigan has become the largest manufacturing site for Pfizer Inc. The expansion is valued at $465 million and will add around 450 jobs to Kalamazoo County.
Pfizer has announced that its vaccine seems to be 90 percent effective against COVID-19 and aims to have it in production by late November.
The vaccine can begin rollout once Emergency Use Authorization has been obtained from the FDA, which could occur this year. The vaccine will be free to Americans.
Pfizer expects up to 50 million vaccine doses to be manufactured in 2020 and up to 1.3 billion in 2021. A deal has been reached with the federal government to receive a $1.95 billion payment for the first 100 million doses, once the vaccine has FDA approval.
Michigan’s life sciences industry is worth over $28 billion and the development of the COVID-19 vaccine proves just how essential it is.
However, Michigan is one of four US states that doesn’t have the R&D tax credit. It is hoped that this will be restored in the future.
Source: Bridge Michigan
