Around the world, hopes are pinned on finding a vaccine to defeat coronavirus and allow a return to normal life. The EU showed commendable leadership in hosting an international meeting this week to raise funds to speed up efforts to treat, contain and test for the virus. Governments, donors and pharmaceutical companies will need to do much more in the coming months to ensure that populations, both rich and poor, have equitable access.

The sums raised so far for the latest cross-border initiatives — about $8bn — are less than a third of what conservative estimates suggest will be needed just to provide the world with vaccines. Prioritising such funding — a modest commitment compared with the economic costs of the pandemic — is vital. Countries need to share the burden, insisting on global solidarity and ensuring there is a fair mechanism to administer the necessary medication. Regrettably countries such as the US, India and Russia, did not take part in this week’s fundraising initiative.

While some progress has been made on treatments and diagnostics, vaccines are at an earlier, more uncertain stage. Hopes that they can quickly bring an end to the pandemic must be treated cautiously. There is no guarantee that safe, effective products will emerge, and little chance of mass global vaccination before late next year.