Welcome to Thoughts in the Market.

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

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

And on part two of this special edition of the podcast, we'll be talking about international

progress for COVID-19 vaccinations and the road to herd immunity.

It's Friday, March 19th at 3pm in London, in 11am in New York.

So Matt, I think it's fair to say that this crisis and also the focus on vaccinations has

highlighted the level of inequality in the world.

And you have a country like the US which has looked to kind of guarantee a quite large

number of vaccinations for its population.

And you have other countries that don't have anywhere close to the same stockpile available.

And so as you look out into the future, how do you think the US might address that?

And there's a scenario where vaccinations are shipped, there's scenarios where technology

is shared.

How do you think about that?

And what also do you think is the role of the pharmaceutical sector in those debates?

I guess the first point is, I don't know what the US government is going to do.

Obviously, the US government has guaranteed contracts for a significant number of doses.

I think the last time we calculated it's about four or five times the overall population.

Some of those vaccines are not approved yet.

And so we don't know whether or not the US government would get those doses, but they

clearly have overordered versus the population.

...