- According to the World Health Organization, there are 164 coronavirus vaccine projects.
- Pfizer is partnering with European pharmaceutical company BioNTech to create a coronavirus vaccine that it plans to make available for emergency use this fall.
- Lawmakers are urging companies to sell their vaccines at cost price.
- The CEO of Pfizer, in a recent interview, defended companies with vaccine profits.
- Visit the Business Insider homepage for more information.
As candidates for coronavirus vaccines continue their trials before obtaining FDA approval, Pfizer CEO Albert Bourla disagrees with the idea that companies that develop them should not they should benefit.
“I think it’s really bad,” Bourla told Barron on Tuesday. “The private sector has found the solution for diagnoses … and it continues [the] way to find more solutions for therapeutics and vaccines. “
Phase 3 trials with the Pfizer vaccine candidate have begun this week. According to Bourla, the vaccine is “running meticulously well.”;
If approved for emergency use, Pfizer will ship 100 million doses for U.S. government use. The U.S. government will pay $ 1.95 billion for these doses, which add up to about $ 19.50 per shot.
Pfizer isn’t the only company expecting to have a vaccine ready in the fall.
AstraZeneca / Oxford and Moderna are also in the process of preparing their vaccines for emergency use. Those at high risk of contracting the virus, including health care workers and the elderly, could get the vaccine if the FDA approves it for use.
There are no solid numbers on how much a company can get from a coronavirus vaccine once it enters the market.
Last week, Rep. Jan Schakowsky-Ill. asked companies that received government assistance for the development of the coronavirus vaccine to sell the vaccine at its price, according to NPR. While responses varied, it is important to note that Pfizer did not use any government funds for the development of its vaccines.
“During the pandemic, we only went with the price which is the very low end of what exists,” Bourla explains in the interview. “These are fractions of what this high – tech vaccine sells [for] in the US “
AstraZeneca has opted to sell its vaccine to no benefit to the government, while Johnson and Johnson will sell their vaccine at a “nonprofit price” for emergency pandemic use.
Get the latest Pfizer stock price here.