Pfizer Inc. has secured the first authorization for a COVID-19 vaccine from the US Food and Drug Administration in what has arguably been the most closely watched drug development race in modern history. The FDA authorization of a COVID-19 vaccine represents a momentous day for Pfizer and its development partner BioNTech SE, but also for the pharmaceutical industry generally, which has invested financial and human capital to help end the global health crisis caused by COVID-19.
The industry has delivered scientific advancements in areas like cancer, cardiovascular disease and genetic diseases, but perhaps no single drug...
