Pharmaceutical company AstraZeneca is withdrawing its Covid-19 vaccine globally due to an excess of available updated vaccines since the pandemic began.
The company stated it would also move forward with withdrawing the marketing authorisations for the vaccine Vaxzevria within Europe.
"As multiple, variant Covid-19 vaccines have since been developed, there is a surplus of available updated vaccines," the company explained, noting a decrease in demand for Vaxzevria, which is no longer being produced or supplied.
The firm's application to withdraw the vaccine was submitted on March 5 and became effective on May 7, according to The Telegraph, which first reported the development.
Media reports had earlier revealed that AstraZeneca had previously admitted in court documents the vaccine's side effects, including blood clots and low blood platelet counts.
AstraZeneca, based in the UK, initiated the global withdrawal of its Covid-19 vaccine, known as 'Covishield' in India through a partnership with the Serum Institute of India, after acknowledging rare side effects of blood clotting and low platelet counts.
The decision to withdraw the vaccine was made due to an oversupply of available updated vaccines since the pandemic, the company stated.
Partnering with Oxford University to develop the Covid-19 vaccine, AstraZeneca sold it in India as Covishield and as Vaxzevria in Europe.
"We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid pandemic," the company added.
Without directly referring to the side effects, the company expressed pride in the role Vaxzevria played in ending the global pandemic, citing estimates of over 6.5 million lives saved in the first year of use alone and over three billion doses supplied globally.
"Our efforts have been recognised by governments around the world and are widely regarded as being a critical component of ending the global pandemic," AstraZeneca stated.
In India, over 2.2 billion doses of Covid-19 vaccines have been administered, with the majority being Covishield.
(Agencies)
Damian Talbot
Nirmala Sitharaman speaks at the India-UK Investor Roundtable in London last Wednesday (9). On the panel were India’s department of economic affairs secretary Ajay Seth and Kotak Mahindra Bank founder Uday Kotak
Sitharaman with Sir Keir Starmer and Rachel Reeves
Sitharaman with Jonathan Reynolds 
Sitharaman with Reynolds, Alastair King, India’s high commissioner Vikram Doraiswami and other delegates