Welcome to Thoughts in the Market.

I'm Andrew Sheetz, Chief Cross-Asset Stragist for Morgan Stanley Research.

And I'm Matthew Harrison, Equity Research Analyst covering Biotechnology.

And today on part two of this podcast, we'll be continuing our discussion on the Delta

Variant and the Outlook for Markets in the Economy.

It's Friday, July 30th at 4pm in London, and it's 11am in New York.

So mad in your conversations with Biopharma companies, what's your expectation on booster

shots?

If you could just walk listeners through that process where a new variant comes along,

how does that get into the field?

How does that get approved in order to get those shots and arms?

So I guess the first thing is what's going on with boosters.

There is not a consensus on boosters yet.

The evidence is starting to suggest that, especially in older adults, that their prevention

of symptomatic disease is going down quicker than other groups.

You've heard from both the US regulatory authorities as well as the US health authorities

that they're still waiting for evidence to try and figure out what the right path is.

The company's obviously want to be prepared for any eventuality.

And so have looked at data in a variety of patient subgroups and a variety of patients

that basically demonstrate that if you get a third dose, the level of protection from

the vaccine is actually significantly higher than it was after the second dose.

And what I mean by that is the level of protection is measured by neutralizing antibodies.

...