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U.S. to invest $1.95 billion in Pfizer & BioNTech for COVID-19 vaccine

Author : Pankaj Singh | Published Date : 2020-07-24 

As the COVID-29 pandemic surges on, the Trump administration has reportedly invested nearly $2 billion in a new coronavirus vaccine contract with Pfizer and German pharma company BioNTech to produce mor than 100 million vaccine doses by the end of the year. The U.S. government plans to administer 50 million people through this vaccine if it is effective and safe, as per both companies.

The agreement is for 100 million doses with each vaccine dose costing $20, and designed to be administered in two-dose course. This deal is the highest the U.S. has ever paid for a vaccine, although earlier contracts with other companies were aimed to help pay for vaccine development costs.

However, BioNTech and Pfizer would not get any payments from the U.S. until the vaccine is effective in large clinical studies and also can be successfully produced, a Pfizer spokeswoman stated.

As per the contract terms, the U.S. government would get an option to obtain an additional 500 million doses of the vaccine. Pfizer stated that the price for extra doses would be negotiated only if the government orders them.

While speaking about the vaccine, the U.S. Department of HHS (Health and Human Services) stated that if the vaccine proves to be effective, it would be made available to American citizens at zero cost. However, their health insurance companies might be charged for the vaccine.

Albert Bourla, Chief Executive of Pfizer stated that the company intends to make profits through the vaccine. Spending the company’s own money instead of the government’s money should help to boost the vaccine development process.

Mikael Dolsten, Chief Scientific Officer at Pfizer stated that the company expects to start the vaccine’s late-stage trial in the coming week, pending regulatory authorizations.

Dolsten further added that the company is already starting its procedure of deploying vaccine vials to various clinical sites across the U.S. and elsewhere.

Source credit: https://www.reuters.com/article/us-health-coronavirus-usa-pfizer/u-s-to-pay-pfizer-1-95-billion-to-produce-millions-of-doses-of-covid-19-vaccine-idUSKCN24N1I9  

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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