In November 2020, the European Commission signed an Advance Purchase Agreement (APA) with Pfizer/BioNTech for their COVID-19 vaccine. This agreement secures the delivery of 200 million doses of the vaccine to EU member states, with the option for an additional 100 million doses if needed.

The APA was a crucial step in the EU`s efforts to secure a safe and effective vaccine for its citizens. It allowed for early access to the vaccine, ensuring that the EU would be able to begin vaccination campaigns as soon as possible. The agreement also provided Pfizer/BioNTech with the financial support needed to ramp up production and meet the demand for the vaccine.

Under the terms of the APA, Pfizer/BioNTech agreed to deliver the initial 200 million doses of the vaccine by the end of 2021. The EU secured these doses at a lower price than what other countries paid for the vaccine, which is a testament to the EU`s negotiating power.

The APA also outlines the conditions under which the EU can terminate the agreement, including in the event of serious safety concerns or if Pfizer/BioNTech fails to deliver the vaccine as promised.

The EU`s APA with Pfizer/BioNTech was a significant milestone in the fight against the COVID-19 pandemic. It provided the EU with early access to a safe and effective vaccine, and ensured that member states would be able to begin vaccination campaigns as soon as possible. The agreement also demonstrates the EU`s commitment to negotiating fair prices and terms with pharmaceutical companies, while prioritizing the health and safety of its citizens.

In conclusion, the EU Pfizer Advance Purchase Agreement was a smart move by the European Commission, as it allowed the EU to secure a safe and effective vaccine for its citizens as soon as possible. It also demonstrated the EU`s negotiating power and commitment to protecting the health and safety of its citizens.