Be careful reading too much into this study.
Oxford is a very reliable source.
The Elderly frequently have less effective results from vaccinations, for example, the study p[oints out that the same thing happens in hepatitis B, pneumococcal, and influenza vaccinations. These lower results in other vaccines are in fact what prompted this study.
Another variable is the study was performed on residents of a nursing home, and not a "healthy" general population, and it was a somewhat small study, of only 176 patients.
My take is that it does not distract from taking the vaccination. The vaccination was already predicted to not be 100% effective in preventing COVID. And it was already known to be less effective in the elderly.
Studies in the general population where hundreds of millions of doses have been given show that even though the vaccine is not 100% effective in preventing getting the virus it is virtually 100% effective in preventing death from the virus (ignoring complicating co-morbidity factors).
And even ignoring all that, the study found that over 60% of patients confined to a nursing home did develop immunity after getting the vaccination.
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