Serum Institute has decided to set a price cap of $3, which equals to Rs 225 on August 8, per dose for the COVID-19 vaccine to make it affordable for India and other low-and middle-income countries (LMICs).

The Pune-based institute has the support of the GAVI (Global Alliance for Vaccines and Immunisation), which has been funded $150 million by the Bill & Melinda Gates Foundation. The Serum Institute will manufacture potential vaccine candidates, including those from the UK firm AstraZeneca and Novavax of the US.

On Friday, the Serum Institute partnered with the GAVI and Bill & Melinda Gates Foundation to boost up the manufacturing and delivery of up to 100 million doses for the LMICs. India is expected to get half of the proposed doses — up to 50 million doses, the Times Of India said in a report.

As per an agreement with the Serum Institute, Astra Zeneca will provide India with up to half a billion doses, while a significant share of the one billion doses will be taken from Novavax.

CEO of Serum Institute Adar Poonawalla said the partnership will help his company to manufacture and deliver the afore-mentioned doses by the first half of 2021.