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Every dollar spent on COVID-19 vaccine development and distribution generated an estimated $81 to $810 in economic value during the first year that vaccines were given, according to new research published in the journal PLOS Medicine.

The study—the first global analysis of the return on investment for COVID-19 vaccines—shows that vaccines not only averted severe illness and saved lives but were also a sound investment.

"Our study provides evidence that the unprecedented, rapid investments made into COVID-19 vaccines early in the pandemic paid off massively both in health and economic benefits," said study author Mark Jit, professor of global health at NYU School of Global Public Health. "Vaccine development, as well as equitable vaccine distribution globally, should be prioritized before and during global health crises."

Vaccines played a critical role during the COVID-19 pandemic, but their development required extraordinary effort—and spending—among governments, pharmaceutical companies and nonprofit organizations. The resulting vaccines were highly effective at preventing severe illness and death, with one study estimating that between 14 million and 20 million deaths were averted in the first year that vaccines were available.

Despite their health impact, the economic value of these vaccines has not been examined on a global scale. Moreover, most analyses of the cost-effectiveness of immunization look at the cost of purchasing the vaccine itself from its manufacturer, not the cost of developing it.

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