The cold is caused by a virus that is ever changing and adapting. Like the flu virus vaccine, it would have to be constantly changed and updated depending on what ‘version’ of flu or common cold virus was circulating at that moment.
Also, with the common cold being annoying but not usually deadly, don’t you think it is time better spend studying vaccine development against must worse disease causing organisms? I think there are bigger fish to fry as the saying goes.
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