Current Events > Moderna: 'Raising price of Covid Vax by 400% is consistent with the value'

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https://arstechnica.com/science/2023/01/moderna-may-match-pfizers-400-price-hike-on-covid-vaccines-report-says/

Moderna is considering raising the price of its COVID-19 vaccine by over 400 percentfrom $26 per dose to between $110 and $130 per doseaccording to a report by The Wall Street Journal.
Ars has reached out to Moderna for comment but has not yet received a response. The plan, if realized, would match the previously announced price hike for Pfizer-BioNTech's rival COVID-19 vaccine.
The Journal spoke with Moderna CEO Stephane Bancel at the JP Morgan Healthcare Conference in San Francisco Monday, who said of the 400 percent price hike: "I would think this type of pricing is consistent with the value.
Until now, the mRNA-based COVID-19 vaccines from Moderna and Pfizer-BioNTech have been purchased by the government and offered to Americans for free. In the latest federal contract from July, Moderna's updated booster shot cost the government $26 per dose, up from $15$16 per dose in earlier supply contracts, the Journal notes. Similarly, the government paid a little over $30 per dose for Pfizer-BioNTech's vaccine this past summer, up from $19.50 per dose in contracts from 2020.
But now that the federal government is backing away from distributing the vaccines, their makers are moving to the commercial marketwith price adjustments. Financial analysts had previously anticipated Pfizer would set the commercial price for its vaccine at just $50 per dose but were taken aback in October when Pfizer announced plans of a price between $110 and $130. Analysts then anticipated that Pfizer's price would push Moderna and other vaccine makers to follow suit, which appears to be happening now.

Lawmakers have already lambasted Pfizer for the steep increase. In a letter sent last month to Pfizer CEO Albert Bourla, Senators Elizabeth Warren (D-Mass.) and Peter Welch (D-Vt.) called the price hike "pure and deadly greed" and accused the company of "unseemly profiteering."
"We urge you to back off from your proposed price increases and ensure COVID-19 vaccines are reasonably priced and accessible to people across the United States," they wrote.
The revelation that Moderna may match Pfizer's price increase comes just a day after Moderna announced that its COVID-19 vaccine sales in 2022 totaled approximately $18.4 billion.
"We enter 2023 in a great position, with significant momentum across our clinical pipeline, a highly energized team and a strong balance sheet of over $18 billion of cash and cash equivalents," Moderna's Bancel said in a press release Monday.
Moderna also noted in the release that it expects to make a minimum of $5 billion in COVID-19 vaccine sales in 2023.

Ayo, fuck this money grubbing wet shit stain of a human being.

Brazen criminals robbing people in broad daylight.

Government should tell him to kick fucking rocks til the cows come home.

The free market is beautiful

Turtlebread posted...

The free market is beautiful

Free market is as beautiful as NYC in the early 1900s, streets full of horseshit everywhere you go

nice, now they have more money to ... find out ways to get even more money

Wait do we have to pay for vaccines / boosters now?

rexcrk posted...

Wait do we have to pay for vaccines / boosters now?

Good old capitalism.

shocked pika

Thanks Republicans for shooting down any kind of regulations against this stuff

Seeing as how it was created with massive amounts of tax dollars how about we just take it from you instead.

Well back to horse paste I guess.

We have pharmaceutical companies doing this and Republicans priority is to abolish the IRS

Imagine how much better our country would be if 50% of Congress weren't evil monsters

Weve been Shkrelid!

Anti-vaxxers: "Hurr hurr see? The vaccines are just cash grab BS!"

Instead of the fact that corporate greed infects every corner of the healthcare industry.

The drug and insurance companies would charge you $500 for amoxicillin and ibuprofen if they could get away with it.

There is no ethical consumption under capitalism which is exactly why something like healthcare should not be a slave to the whims of it.

TheHoldSteady posted...

We have pharmaceutical companies doing this and Republicans priority is to abolish the IRS

Imagine how much better our country would be if 50% of Congress weren't evil monsters

They'd rather tell you to stop trusting medicine than to tell corporations to stop fucking people over when they try to obtain it.

ScazarMeltex posted...

Seeing as how it was created with massive amounts of tax dollars how about we just take it from you instead.

it wasn't though. moderna and pfizer never particpated in those programs.

Turtlebread posted...

The free market is beautiful

we dont have a free market. A free market would allow generics to be produced to compete on price.

A healthcare industry ruled by capitalism is capitalistic. Shocking

https://gamefaqs.gamespot.com/a/user_image/4/0/7/AAJBROAAEFFf.jpg

Trump or Biden could have, at any point, revoked the patents and made the vaccines mass producable by anyone.
But, of course, they put pharmaceutical profits ahead of public and global health.

ElatedVenusaur posted...

Trump or Biden could have, at any point, revoked the patents

I dont believe that is true.

edit: I think it would have to be Congress and they would have to actually revise current patent laws to be able to do so.