Pfizer cashes in on pandemic: Pharma giant plans to sell its vaccine with a 10,000% markup — despite revenues tripling and CEO pocketing $50m during Covid crisis
Pfizer plans to price its COVID-19 vaccine at $130 each when it hits the public market next year
This is a markup of over 10,000% compared to the estimated $1.18 it costs for the firm to develop the shot
While the firm did not receive US tax payer funds, its partner BioNTech took public money from Germany
The firm's yearly revenue has more than doubled from 2019 to a projection of over $100billion this year
By Mansur Shaheen Deputy Health Editor For Dailymail.Com
Published: 17:05 EDT, 26 October 2022 | Updated: 17:16 EDT, 26 October 2022
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Pfizer has been accused of 'daylight robbery' after it emerged the company plans to sell its Covid shot with an estimated 10,000 percent markup in the US next year — despite enjoying extraordinary surges in profits during the pandemic.
Once the government uses up the doses it has already bought, Pfizer will hike the price to as much as $130 for a single dose of the vaccine which is estimated by some experts to cost just $1.18 to make.
Health insurers are expected to cover the cost of the shots for those who have coverage, but wall street analysts warn that it will cause upward pressure on insurance premiums.
The US government has been paying around $20 per dose up to this point and then distributing the shots for free to the public.
Analysts speculate that the move was made so Pfizer could still meet its target of $32billion 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.
Pfizer was one of the major winners of the pandemic. While lives and businesses crumbled amid lockdowns and disruptions to life during Covid, the New York City firm became a household name.
Vaccines like Pfizer's were mandated by employers and businesses in dozens of countries, forcing sales of the shot upon certain populations.
Pfizer projects $102billion in total revenue this year with the vaccine and Paxlovid - its antiviral pill backed by the White House to treat Covid - leading the way.
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https://www.dailymail.co.uk/health/article-11357661/How-Pfizer-plans-sell-Covid-vaccine-10-000-markup.html
