While the world worries about the spread of the deadly coronavirus, now known as Covid-19, one would expect the major pharmaceutical firms to make millions, even billions, by rushing to develop a vaccine.
But in reality, this is not the case. While the global vaccine market is expected to grow to $60bn (£46bn) this year, big profits are not guaranteed.
''Successfully developing a preventive vaccine or treatment for a public health crisis is difficult. It typically takes a lot of time and money," says US-based Brad Loncar, a biotechnology investor and chief executive of Loncar Investments.
"There is typically little money in it for companies that do successfully develop something, not the billions that some investors mistakenly expect."
The global vaccines industry is dominated by big players such as Pfizer, Merck, GlaxoSmithKline (GSK), Sanofi, and Johnson & Johnson.
Worldwide sales of vaccines totalled $54bn last year, and have almost doubled since 2014, according to data analysts Statista. Driving this growth is the increase of infectious diseases like influenza, swine flu, hepatitis and Ebola.
