Scientists and medical experts are working round the clock to develop an effective vaccine to combat the novel coronavirus, which has claimed over 770,000 lives worldwide. As of now, there are more than 160 COVID-19 vaccine candidates under different stages of trials across the glove, with nearly 30 potential vaccines said to have entered the important human trials phase. 

According to latest reports, The Wuhan Institute of Biological Products' inactivated vaccine being developed will most likely be made available commercially by December-end, 2020, the Chairman of the state-owned Chinese company Sinopharm, Liu Jingzhen, has stated. 

At present, the Chinese vaccine candidate is in its Phase III of human trials and are in the crucial, final stage trials prior to a vaccine candidate being given its regulatory nod. Speaking about the vaccine candidate's price range, he said it will cost less than 1,000 yuan, which comes around Rs 10,794.94 upon currency conversion. 

As per a report on the Russian news agency, TASS, Liu Jingzhen stated that a single dose of the vaccine will provide about 97 protection against COVID-19, while adding that two doses will take the protection levels to 100 percent. He said, "If you do one shot, the probability of protection is about 97 per cent, antibodies are developing slowly. Usually, about half a month is needed to reach the level sufficient to counter COVID-19. If you do two shots, the probability of protection may reach 100 percent."

Being developed by researchers at the Wuhan Institute of Biological Products, the vaccine candidate is an inactivated COVID-19 vaccine, with Chinese vaccine manufacturer Sinopharm CNBG in the midst of carrying out Phase III of human trials after it created a strong antibody response in its Phase I/II of clinical trials. Currently, two doses of the potential vaccine have been given to the volunteers, at an interval of 28 days, with the middle-strength dose revealed to be working best as four micrograms of the vaccine are injected during each occasion.