India is planning to launch its vaccination drive by next week after the drug regulator approved Serum Institute of India’s Covishield and Bharat Biotech‘s Covaxin for restricted emergency use.
The report said that the government is aiming to inoculate nearly 30 crore people by August this year, which means that it would be administering shots to roughly 13.27 lakh people every day.
However, it added that India can achieve endemic equilibrium (EE), which means controlling the spread of infections without 100% immunisation, by vaccinating just 15,645 people per day.
“We estimate the minimum vaccination rate at 15,645 persons per day to achieve EE that is remarkably low and will be less resource intensive. At government’s target rate of 13 lakh per day, the country will reach disease-free equilibrium quite quickly,” the report said.
The SBI report noted that while 13 lakh vaccinations per day does seem like a difficult task, the government has in the past managed to open over 12.5 crore Jan Dhan accounts in a span of roughly four-five months at the rate of 8 lakh per day.
The authors of the report derived the vaccination rate based on the current level of infections and deaths.
India has been witnessing a declining trend in Covid-19 infections as well as deaths for the last few weeks.
The daily cases in India have been below 20,000 over the last few days. A total of 18,088 new cases were registered in a span of 24 hours on Wednesday.
The report also estimated that the nationwide vaccination drive will cost the government around Rs 21,000-27,000 crore in the first phase and Rs 35,000-45,000 crore in the second phase.
It said the amount will be equal to roughly 0.3-0.4% of the GDP.
“Taking the administration cost as Rs 100-150/dose and the cost per dose of Rs 250-300 per/person to the government by Serum Institute, the per person cost of vaccine for two doses will be between Rs 700-900.
“Thus the cost to the government or otherwise of the first phase of vaccinating 30 crore people would come to around Rs 21,000-27,000 crore and second phase of vaccinating another 50 crore will be another Rs 35,000-45,000 crore,” the report said.
The report said that Bharat Biotech claims that the cost of their vaccine would be lower than Rs 100 per dose, which could further reduce the cost of vaccination.