NEW YORK (Reuters Breakingviews) - A halo has spread over America’s Big Pharma. The success of Pfizer and Johnson & Johnson in rapidly developing Covid-19 vaccines has buffed the image of an industry more used to life in the crosshairs. The immediate benefit isn’t anything to sniffed at: Pfizer alone estimates $4 billion in associated 2021 profit. But it may pale beside the benefit of having politicians and regulators on their side. Vaccines typically take a decade to reach the market. In a tenth of that time, over 180 million doses have been delivered in the United States alone, and the pace is accelerating. That’s better than any ad campaign. A Harris Poll in February, when few Americans had received vaccines, showed almost two-thirds of respondents rated the industry’s reputation as favorable – about twice as many as the year before. The bottom-line benefits may not be obvious. Pfizer shares are flat so far this year, a performance not much better than those of Britain’s AstraZeneca, whose vaccine has been plagued by credibility problems; or Sanofi, the French firm that has yet to develop one. But the experience highlights the benefit of strong government ties. Uncle Sam subsidized development and manufacturing build-out. It also guaranteed the purchase of millions of doses, didn’t quibble on price and shielded companies from litigation. This explains why nearly one in three Americans have received a jab, over twice the European Union’s stride. Now consider pharma investors’ biggest fears. A Democrat win in November elections raised the risk of price controls. The Congressional Budget Office has estimated a reduction of less than $1 trillion of revenue to the industry over a decade would retard 15 new drugs from reaching the market. Congress will think twice before plucking this goose. Success may also bolster lab productivity. Regulators can see the wisdom of approving innovative drugs, like Moderna’s vax, despite the risks. And there’s funding. Drugs firms don’t do much basic research because the payoff is uncertain. Yet it’s the foundation of the industry. A study in 2018 found that federal grants worth over $100 billion contributed to research associated with every drug approved between 2010 and 2016. President Joe Biden has proposed increasing federal R&D spending by $300 billion over four years. Medicine is now a more popular beneficiary than ever. That’s the true halo of the coronavirus.