Tuesday, August 11, 2020

Big Pharma plans on profiting from COVID-19 vaccine, won’t sell at cost

Should the federal government standardize the price of the COVID-19 vaccine?

Multiple top-level executives from major pharmaceutical companies have said they plan on profiting from the COVID-19 vaccine and won’t sell them at the cost of manufacturing. This news comes with outrage as some of these companies have even taken grants from the U.S. government to develop the life-saving vaccines that they plan on profiting from.

An example of a company that plans on profiting from its in-development COVID-19 vaccine is Moderna, as Futurism notes. Moderna has recently even received a $438 million grant from the U.S. government to expedite the development of its COVID-19 vaccine. Moderna president Stephan Hodge has said, “We will not sell it at cost” at a Congressional heading according to The New York Times.

Read Also: Oxford’s COVID-19 vaccine human trial shows more confidence, researchers say

Pfizer, a company that didn’t receive government funding, has also said that it intends on profiting from the COVID-19 vaccine it is developing. Other pharmaceuticals like AstraZeneca and Johnson & Johnson have also received government grants for developing COVID-19 vaccines. Based on the information we have right now, it seems like there will be multiple COVID-19 vaccines available from different companies early next year, with maybe even competitive pricing.

Even with health insurance, it seems like it might be difficult for those in impoverished areas to have easy access to the vaccine. It seems outrageous that at a time like this where the U.S. is on the brink of 4M positive cases that big pharma plans on profiting on the COVID-19 vaccine. The virus has already affected more than 1% of the country’s population, with many experts saying the numbers could be way higher.

Do you think the federal government should standardize the price of the COVID-19 vaccine, or set an MSRP? Share your thoughts in the comments below.

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