Phase 3 trials allow researchers to gather data on the efficacy of potential vaccines for final regulatory approvals.

In this April 11, 2020 photo, a staff member tests samples of a potential Covid-19 vaccine at a production plant of SinoPharm in Beijing.
In this April 11, 2020 photo, a staff member tests samples of a potential Covid-19 vaccine at a production plant of SinoPharm in Beijing. (AP)

Authorities in Peru and Morocco have approved Phase 3 clinical trials for a potential Covid-19 vaccine developed by China National Biotec Group (CNBG), the company said on Chinese social media platform WeChat.

Phase 3 trials, which usually involve several thousand participants, allow researchers to gather data on the efficacy of potential vaccines for final regulatory approvals.

The experimental vaccine of CNBG, a unit of state-owned pharmaceutical giant China National Pharmaceutical Group (Sinopharm), has entered a Phase 3 trial in the United Arab Emirates that has already recruited 15,000 volunteers. 

It has also obtained approval to be tested in Bahrain in a Phase 3 study designed to involve around 6,000 participants.

Vaccine to be available at end of 2020

The vaccine under development by Sinopharm could cost $144.27 for two shots.

"It will not be priced very high. It is expected to cost a few hundred yuan for a shot, and for two shots it should be less than 1,000 yuan," China National Pharmaceutical Group (Sinopharm) chairman Liu Jingzhen told the Guangming Daily newspaper

READ MORE: China's Sinopharm Covid-19 vaccine to be available at end of 2020

Vehement race 

Governments and drugmakers around the world are in a frenetic race to develop a vaccine against the coronavirus. More than 200 candidates are in development, including more than 20 in human clinical trials.

Moderna Inc said earlier this month that smaller volumes of its experimental vaccine have been priced at $32-$37 per dose.

Last month, the US government struck a deal for an experimental vaccine being developed by Pfizer and partner BioNTech SE that secures enough to inoculate 50 million Americans for about $40 a person.

READ MORE: Covid-19 vaccine trial volunteers stream into hotspot Florida

Source: TRTWorld and agencies