British pharma giant AstraZeneca, which has been working on a coronavirus vaccine in collaboration with the University of Oxford, on Monday said that its vaccine candidate has shown an average efficacy of 70% in the third phase of trials. About 23,000 volunteers participated in the trials. This has been described as a great piece of news by commentators.

One of its dosing regimens of low-then-high yields 90% effectiveness, a report says. This can mean that it's as good in terms of effectiveness as the Pfizer and Moderna vaccines. Commenting on the development, Eric Feigl-Ding said that the latest vaccine is cheaper than the Pfizer and Moderna vaccines. Also, it does not require freezing transport.

British Prime Minister Boris Johnson has welcomed the news with excitement. "Incredibly exciting news the Oxford vaccine has proved so effective in trials. There are still further safety checks ahead, but these are fantastic results. Well done to our brilliant scientists at the University of Oxford and AstraZeneca, and all who volunteered in the trials," he tweeted.

Developing countries like India are likely to prefer the AstraZeneca vaccine.