Moderna’s plan to increase the price of its Covid vaccine to $130 per dose has drawn criticism from Democratic Senator Bernie Sanders.
Moderna’s CEO, Stephane Bancel, has defended the company’s decision to increase the price of its Covid vaccine up to $130 per dose once government stockpiles are depleted.
Democratic Senator Bernie Sanders criticized the price hike, calling it an “unprecedented level of corporate greed.”
Moderna’s vaccine has previously been priced between $15 and $26 per dose. Senator Sanders noted that the US government subsidized Moderna’s research with $1.7 billion and purchased $10 billion worth of the vaccine.
He also criticized Moderna for conducting stock buybacks and paying its executives handsomely. Bancel responded by saying that the distribution system would change completely when the state of health emergency is lifted, and the vaccine would be sold mostly in single-dose vials or prefilled syringes.
Moderna expects a 90% reduction in demand, and as a result, the company will have to manage the unsold doses and assume the risk and cost of wastage.
Moderna also pledged to establish a program to provide the uninsured or underinsured with free vaccinations. Bancel confirmed that discussions were ongoing with all customers, including government-run health insurance programs, about the price of the vaccine.
