Better yet, the results have come from two separate drug formulations from Pfizer-BioNTech and Moderna.
Based on cutting edge science, both vaccines utilise a revolutionary mRNA technology that turns the cells in your own body into factories that generate virus fighting proteins.
Both companies have reported that their vaccine candidates are 90% effective against Covid-19.
The UK was the first country to approve the Pfizer vaccine, with 800,000 doses already manufactured and ready to roll out. The US FDA and regulatory agencies in Europe will make their safety assessments shortly.
Pharmaceutical companies in the US are supposedly prepared to start shipping vaccines within a few hours of approval. New Zealand plans to initially target the vaccine at the most vulnerable sections of society by early March, subject to approval from the Medicines and Medical Devices Safety Authority.
The optimism over a vaccine-led recovery can be seen in the markets during November. Sectors like banks and energy were particularly impacted by the Covid-19 restrictions. Global lockdowns result in fewer people travelling which in turn lead to falling energy prices.
At the same time, stimulus from central banks lowered interest rates putting pressure on bank margins.
An effective vaccine has meant investors have been able to look through to brighter prospects of when countries reopen, boosting their stock prices of the companies in these sectors.
Tourism related stocks like Auckland Airport and Kathmandu also benefited from the vaccine news.
International tourism is still likely to be some time away, however November’s vaccine news brings forward the date borders reopen. Some airlines like Qantas have also already stated they will require international travellers to have been vaccinated against Covid-19 before boarding, meaning that we could see an influx of tourists before the borders open fully.
The optimism is indeed justified but there are still unknowns. Access to vaccines remains a key issue for everyone when it comes to adequate production and distribution. Global collaborative initiatives like the COVAX facility, which aims to equitably distribute vaccines, might prove to be the best way forward.