Answer to Question #285667 in Microeconomics for giahue

Question

Analyze whether social benefits, social costs, etc. are affected by vaccine shortage?

Answer 1

How Vaccine Shortage Have Affected Social Cost and Social Benefits

           The onset of diseases and their ravaging impact on both economic and human health aspects lead to more research into the production of its cure or vaccine.  The onset of COVID-19 to the global level led scientists to research more into how to prevent its rapid growth and save lives, but even though most great medical companies were able to come up with the vaccines, they could not be able to produce enough quantities to meet the demand of the entire world population.

           The shortage of vaccines can be dated back to the influenza pandemic in 1957 due to the long and delayed processes of indemnification of the vaccine by the government. Recently, the globe has been faced with shortages of vaccines for measles, polio, DTP, and recently the COVID-19 vaccine. In most cases of delays, the cost of production has been blamed for the shortage as many countries especially the third world nations are unable to afford them. 

Social Effects of Vaccine Shortage

           The shortage of vaccines leads to the spread of diseases and to also advance effects that may include chronic ailments to even death. High mortality rates due to shortage of vaccines affect a given population, community, country to even a continent both economically and socially. To a highly infectious infection such as COVID-19 that has been witnessed to cause high mortality rates, its stigma and the fear of contacting it especially to the unvaccinated individuals have made them reduce social interactions (Hinman et al., 2006). The health protocol for influenza infections is to reduce social gatherings to mitigate its spread and this step may be reducing its spread it has also led to isolation for most individuals and even the community segregating unvaccinated individuals.

           Segregation on its own has been seen to create mental health problems but increases stress and anxiety levels and as a result, it leads to depression, substance abuse, and even suicide. The vaccine may be solving the greatest threat of reduction in mortality rates but to solve and save everyone it must be made available to everyone at fair prices and without discrimination to prevent social problems.

Reference

Hinman, A. R., Orenstein, W. A., Santoli, J. M., Rodewald, L. E., & Cochi, S. L. (2006, April 21). Vaccine shortages: History, impact, and prospects for the future. Annual Reviews. Retrieved January 7, 2022, from https://www.annualreviews.org/doi/10.1146/annurev.publhealth.27.021405.102248#_i9