Big money maker, COVID-19 Vaccines, are not going to go by the wayside according to a big pharma leader who celebrated the recent company windfall to investors; in fact, according to a recent discussion by industry leaders, big pharma is estimating that while each individual COVID-19 vaccine shot cost just $1.18 to make —it will cost the public a lot more than that to get the shot.
Industry leaders are also anticipating a new pricing schedule that represents a 10,000 percent markup for the public to purchase their product. That is a lot of profit.
Pfizer’s chief financial officer, David Denton, described the Covid pandemic as a ‘multi-billion dollar franchise’ — and expects profit to continue, telling investors last week his company’s vaccine and antiviral would still be ‘relevant for many years to come.’
The CFO said on the call that he expects the Covid virus to be ‘somewhat like a flu… but more deadly’ — meaning therapeutics will still have a massive role in controlling the virus., and hinting the company would be ready to scoop up the profits as fast as possible for investors gain.
According to reports, Pfizer has reaped about $80 billion in yearly revenue from sales of Covid vaccines and the antiviral drug Paxlovid and announced last month it will triple the price of its shot to up to $130 per dose next year — a far cry from the roughly $19 to $30 per dose that the government paid.
“Analysts speculate that the move was made so Pfizer could still meet its target of $32 billion of projected vaccine revenue this year. Critics say that the decision shows the firm’s greed. Peter Maybarduk, director of access to medicines at Public Citizen, told DailyMail.com that the firm was already in a good of financial position that they could take some loss,” The Daily Mail reported, adding:
“Maybarduk also said that the firm has already made an ‘obscene’ amount of money, and will be ok if they do not meet revenue projections that were likely inflated anyways.
Pfizer was an early winner during the pandemic when it became the first company to get a Covid-19 vaccine approved for the US market. Subsequent vaccine mandates for healthcare workers and the military further drove up sales of vaccines.”
The outlet continued adding more details:
The company projects $102 billion in total revenue this year with the vaccine and its antiviral Paxlovid – more than double the company’s yearly revenue in 2019 ($40.9 billion) and 2020 ($41.7 billion).
Julia Kosgei, policy advisor to the The People’s Vaccine Alliance said: ‘Experts have estimated that Pfizer’s vaccine costs just $1.18 per dose to make… Charging $130 per dose would represent a markup of more than ten thousand per cent. This is daylight robbery.’
The group’s website describes their work as ‘vaccine apartheid’:
The People’s Vaccine Alliance is a coalition of over 100 organisations and networks, supported by Nobel Laureates, health experts, economists, Heads of States, faith leaders and activists, working together for a People’s Vaccine, available free of charge to everyone, everywhere. The Alliance grew organically out of the open letter calling for a People’s Vaccine, organised in May 2020. We work together to end vaccine apartheid.
The group was Co-founded by Prince Harry and Meghan, The Duke and Duchess of Sussex, Archewell Foundation is an impact-driven non-profit that’s purpose is to uplift and unite communities — local and global, online and offline — one act of compassion at a time.
“Archewell Foundation has invested in The People’s Vaccine Alliance, a coalition of over 90 organizations, health experts, economists, Heads of States, faith leaders and activists that’s mission is to ensure that everyone across the world has access to COVID-19 vaccines, tests and treatments. Archewell’s support will go toward the Alliance’s ongoing campaigns and efforts to secure fair vaccine access for low and middle-income countries and bringing an end to the global COVID-19 pandemic.”
‘Governments must not stand by while companies like Pfizer hold the world to ransom in a global pandemic,’ Kosgei told the media.
Contracts signed by the government to secure billions of doses of vaccines at no cost to Americans will run out soon, shifting the cost of purchasing shots to health insurance companies.
Pfizer CFO David Denton told investors: ‘I think if you look out longer term, the franchise is going to be a multibillion-dollar franchise in the respect that this is going to be somewhat like a flu, sustained flu, but actually more deadly than the flu.
‘I think the products, both from a vaccine and the therapy perspective that Pfizer has developed, are going to be quite relevant for many years to come,’ he said.
Pfizer’s move to hike up the cost of each Covid shot for the private health insurance market likely would not affect people with private insurance or those enrolled in the government healthcare programs Medicare and Medicaid. Health plans typically cover the costs of vaccines.
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