Even once safety is established, our current protocol requires waiting for wave of infections to sweep so thoroughly through the population that some of the study volunteers are infected by chance.
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That's incorrect. Both are determined from the same tests and determining safety takes longer.
Phase III trials for each of these new vaccines end long after the efficacy is determined. Estimated primary completion dates are in June 2021 (BioNTech/Pfizer) and November 2021 (Moderna).
Even after the drug is accepted, monitoring for safety continues.