COVID-19 vaccine pricing to help govts to ensure little to no out-of-pocket costs for people: Pfizer

By: |
December 17, 2020 3:36 PM

The company's Indian arm has sought emergency use authorisation (EUA) for the Pfizer/BioNTech vaccine against COVID-19 in the country from the drug regulator.

The company's decision-making is not being driven by traditional cost/benefit analysis, it added.

Global pharma major Pfizer has said its COVID-19 vaccine is being priced in a way that will help governments to ensure that there is little to no out-of-pocket costs for their people, as it seeks to ensure access to the vaccine across the world.

For this pandemic period, the company’s pricing approach is based on the principle of ensuring broad access and supplies to the governments, a Pfizer spokesperson said in a statement.

The company’s decision-making is not being driven by traditional cost/benefit analysis, it added.

“Our pricing strategy is an outcome of volume, advanced commitment, equity and affordability principles. We are pricing in a way that can help governments to ensure that there is little to no out-of-pocket costs for their populations.

“We remain committed to engaging with the Government of India and explore opportunities to make this vaccine available for use in the country,” the statement said.

The company’s Indian arm has sought emergency use authorisation (EUA) for the Pfizer/BioNTech vaccine against COVID-19 in the country from the drug regulator.

The company also said governments globally are developing comprehensive and strategic pandemic response plans. At this time, it is most appropriate that any vaccine that receives regulatory approval is made available to governments for use as per their plan.

“Therefore, at this stage, our priority is to ensure the availability of this vaccine for use by Governments across the world. During this pandemic phase, Pfizer will supply this vaccine only through government contracts based on agreements with respective government authorities and following regulatory authorisation or approval,” the statement said.

Earlier this month, Pfizer Inc Chairman and CEO Albert Bourla said at a virtual press conference organised by International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) that “the fundamental that went into the pricing was that we make sure we make it very quickly available to everyone”.

“We are having a tier pricing. It is one price for the developed world based on their GDP, another price, lower for the middle-income countries and in the low-income countries, like countries in Africa etc, we are giving it on a not-on-profit base,” he added.

Even in developed countries, the price is what they can afford to pay. In the US the price is $19.50, the price of an average meal, Bourla had said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Over 12.7 lakh healthcare workers received COVID-19 vaccine jabs Friday 6 pm
2Health worker dies days after jab; official says no vaccine link
3India undertaking contractual supplies of coronavirus vaccines to several countries: MEA