Argentina, South Africa, Brazil, and Turkey — all countries that hosted vaccine trials — will have to be satisfied with Pfizer’s gratitude, because (like most countries in the world) they won’t be receiving enough of the vaccine to inoculate their populations anytime soon.

Meanwhile, the U.S. and Germany — along with Canada and the rest of the European Union — have contracted for enough doses of various Covid-19 vaccines to inoculate their populations several times over.

A relative lack of oversight and lower operating costs are some of the reasons that pharmaceutical companies do the majority of their research in less affluent countries.

The ethical problem this creates — that people in developing countries have less access to medical breakthroughs despite shouldering a disproportionate share of the risk that enables their development — far predates the coronavirus pandemic.

The deadly consequences of delayed access to the Covid-19 vaccine will be on display in the coming year.

It’s already clear that the majority of countries will not have enough, while rich countries are hoarding vaccine supplies.

Pfizer has made an estimated $975 million from the vaccine this year, and is expected to earn another $19 billion in 2021.

Pfizer’s profit margin on the vaccine is estimated at between 60% and 80%.

Moderna is projected to make more than $10 billion from its vaccine next year.