This is the same criticism that caused the original sale of Connaught Labs (publicly owned vaccine developer). Market efficiency isn’t the goal; the ability to rapidly develop and distribute vaccines in an emergency is. The only problem is over-emphasizing Novavax as the sole manager/client of the new operation.
https://www.cbc.ca/news/politics/trudeau-made-in-canada-covid-vaccine-novavax-1.7211462