Pfizer Price-Gouges by Charging 10,000 Percent Above Cost for US COVID Vaccine

Friday’s condemnation by vaccine equity campaigners of Pfizer’s announcement that it would soon increase the price for its products was a response to the criticism levelled by Vaccine Equity Campaigners. publicly fundedCovid-19 prices in the U.S. rose to $110 to $130 per dose, a move that comes as President Barack Obama is preparing to end the nation’s free coronavirus vaccine program as pandemic response funding runs dry.

Reuters reported late Thursday that Angela Lukin, an executive at Pfizer, said the New York-based pharmaceutical giant “expects” that the vaccine “will be made available at no cost to people who have private insurance or government-paid insurance.”

The outlet reported that Lukin did no say whether the company would make accommodations for the tens or millions of Americans without health insurance in the U.S.

The People’s Vaccine Alliance said in a statement Friday that Pfizer’s planned price hike would amount to a 10,000% markup above the cost of producing the vaccine, which is estimatedPrices as low as $1.18 per dosing

The U.S. currently pays around $30 per dose for Pfizer’s shot.

“While health workers and the vulnerable continue to go unvaccinated in developing countries, Pfizer is shamelessly fleecing the public for ever-greater sums of money,” said Julia Kosgei, policy adviser to the People’s Vaccine Alliance. “This latest obscene price hike is truly a mask-off moment for one of the great profiteers of this pandemic.”

Pfizer reported its second quarter results. reportedThe company reported a 78% increase on its overall profit over the same period in 2021. It also said that its coronavirus vaccine revenues were $32 billion. The firm will report its third quarter earnings in the early part of next month.

“This is daylight robbery,” Kosgei said of the coming price increase. “Governments must not stand by while companies like Pfizer hold the world to ransom in a global pandemic.”

“This isn’t just about vaccines,” Kosgei added. “Right now, people in developing countries are dying without access to Paxlovid, an antiviral Covid-19 treatment for which Pfizer is charging hundreds of dollars per course. The World Trade Organization proposes that it would be easier for countries with less resources to produce generic doses. It’s time for governments to stand up to pandemic profiteers and support it.”

The World Trade Organization hosted rich countries earlier this year tankedPopular suggestion is to temporarily suspend coronavirus vaccine patents. This would allow for the production of generic doses in developing countries. Currently, there are only a few. 23.3% of peopleLow-income countries must have at least one dose for coronavirus vaccination.

Pfizer, like other pharmaceutical giants, is passionate opposedThe patent waiver was granted because it wanted to retain control over the production and distribution of the shots. government-funded technology.

During a recent panel discussion, World Health Organization Director of Health Emergencies Mike Ryan said the failure to ensure global vaccine equity and prevent millions of deaths was “because of the greed of the north” and “the greed of the pharmaceutical industry.

“We failed because of the self-interest of certain member states that were not prepared to share,” Ryan added.

The Biden administration has been a success. faced criticismFor failing to fulfill its vaccine donations pledges it is taking steps to transition away the U.S. public from receiving free vaccines.

As the Wall Street Journal reported in August, the shift will give “more control of pricing and coverage to the healthcare industry in ways that could generate sales for companies — and costs for consumers — for years to come.”

The transition is in its early stages. mounting fears of a winter spikeIn deaths and coronavirus infections. Only 4% of eligible persons have received the latest Covid-19 booster. according to government data.

The Biden administration has requested additional funding for pandemic response to purchase more vaccines, treatments and tests. However, Republicans are opposed to the effort. seized on President Joe Biden’s recent claim that the “pandemic is over” to justify blocking the White House’s request.

“We know from our clinical and research experience that the pandemic is far from over, and that national efforts to secure the health and well-being of the American public are far from complete,” a group of health experts wrote in an open letterearlier in the month. “We are deeply concerned that the Biden administration is minimizing Covid at a time when it needs to be redoubling its efforts to ensure funding and resources to prevent another surge.”