Pfizer Raises Price of Covid-19 Vaccine by 25% in Europe: Report

According to the Financial Times, Pfizer has increased the cost of its covid-19 vaccine in Europe more than 25% as a result of a new contract it negotiated with the European Union. The price of the vaccine in Europe is increasing by about 10% for competitor Moderna.AdvertisementAccording to Pfizers estimates, the vaccine covid-19 will generate $33.5 billion in revenue for 2021. The company claims it is providing the vaccine to poor countries at a very low price.Pfizer charged the European Union previously 15.50 for each dose of its vaccine ($18.40). This new mRNA technology is used to make the vaccine. According to the Financial Times, the company will now be charging 19.50 ($23.15), for 2.1 million doses. This will be delivered up until 2023.Moderna charged the EU $22.60 for each dose, but now they will charge $25.50. According to the Financial Times, the new price is actually lower that originally anticipated because the EU modified its initial order to receive more doses.The next round of negotiations between Pfizer and the U.S. has not yet been announced. Moderna and Pfizer did not respond early Monday morning to our requests for comment.Moderna and Pfizer are making a profit selling their covid-19 vaccines, while the UK's AstraZeneca vaccine goes for a loss. AstraZeneca is suffering from poor press due to a few people dying from blood clots that were believed to be linked to the British vaccine. According to a new study, Pfizers' blood clot risk was similar to AstraZeneca. Furthermore, your risk of dying from covid-19 is greater than any other vaccine.The government is providing the Moderna and Pfizer vaccines free of charge to EU residents. However, governments all over the world continue to pay large sums of money for the privilege of bringing down the pandemic.AdvertisementModerna's employees are getting a reputation as sloppy, possibly due to their inexperience. Moderna was established in 2010, and the company's covid-19 vaccine was its first commercial product.The Financial TimesAccording to one official, Moderna staff were particularly arrogant and preposterous in dealings with the commission. This highlights a lack in previous experience in government affairs.AdvertisementPfizer on the other hand has been around the block several times and stated that things are going exceedingly smoothly for the company during an earnings call last week. The covid-19 vaccine is an important part of this financial success.Albert Bourla, CEO of Pfizer, stated last week that the Pfizer-BioNTech covid-19 vaccination contributed $7.8B in global revenue during the second quarter. We continue to sign agreements and partnerships with governments around the globe.AdvertisementBourla made sure to mention that Pfizer provides the vaccine at a discounted rate for countries with poorer health.Bourla stated that we expect that a substantial amount of our 2021 vaccine production capacity will be delivered in low- and middle-income countries, where we price in line to income levels or at a non-profit price.AdvertisementBoula said that we are actually on track to fulfill our promise to provide more than one million doses this year, or about 40% of our total production to low- and middle-income countries. Another one billion will be available in 2022.Only the most wealthy countries will be able to afford it.