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Pfizer has partnered with German company BioNTech to test vaccine candidates in both the U.S. and Germany — testing has already begun in the latter country. Testing in the U.S. could begin next week if regulators give the go-ahead, Pfizer told The Journal.
BioNTech has also partnered with Chinese company Fosun Pharma and plans to test the experimental vaccines there, according to a press release.
Pfizer is spending $500 million on coronavirus research and development and $150 million on preparing its ability to manufacture treatments, according to The Journal.
"When we talk about vaccine development programs, a typical vaccine development program from discovery to licensure can cost up to a billion dollars and take up to a decade," vaccine policy expert Kelly Cappio of Avalere Health told FOX Business.
"Vaccine development in general involves ... a high risk of failure. These vaccines can't be developed overnight," Cappio said. "It's important to have a lot of candidates in the early pipeline."