4/26/2023 0 Comments Maryland covid vaccine![]() ![]() government to develop the vaccine, and in part because the federal government was purchasing in bulk. government for the COVID-19 vaccine throughout the last couple of years represents a discount, in part because the company wanted to return the investment it got from the U.S. That’s how we set the price.”īancel said Moderna believes the price it charged the U.S. The price is linked to the value of the product, to the patient and to the impact on the patient. If you had not spent nearly $5 billion on buybacks when your stock was at the highest price it’s ever been, do you think you would be under less pressure to raise the price of COVID vaccine now?”īancel declined any connection, saying the vaccine’s “price is not linked to the company’s performance. “Yet, despite spending significantly to buy back stock over the last two years, Moderna’s share price has actually declined. “You are one of the, if not the, largest shareholders in Moderna,” Baldwin told Bancel. He noted the cost of a high-dose flu vaccine for the elderly costs about $90 and the pneumonia vaccine costs about $240.īaldwin also asked about Moderna’s stock buybacks, which totaled $3.3 billion in 2022 and more than $800 million in 2021. Tammy Baldwin questioned if Moderna’s decision to increase the price of its COVID-19 vaccine was linked to Bancel receiving a recent performance review in which the board said he “underperformed the company’s target for sales income generated by the COVID-19 vaccine.”īaldwin said the decision to increase the price of the vaccine “appears tied to the impact of your personal performance assessment on your bonus and how much you would stand to gain personally from increasing the price of the COVID vaccine.”īancel contended the two were not linked, saying the price of the vaccine is determined by the value of the product and how much money can be saved in the long term through reduced hospital stays. “The cost of health care is different in each country.” “The price will depend on the value in each country,” Bancel said. ![]() lawmakers about how the process would work in practice, indicating the company was still working out the broad parameters as well as the details.īancel annoyed several members on the panel when he declined to say directly if Moderna would negotiate the new price with the federal government to reduce the cost to taxpayers for COVID-19 vaccines provided through Medicare, Medicaid, or the Veterans Affairs health care system.īancel also declined to say if people in the United States would pay less for the vaccine than those in other countries, whose governments didn’t invest in its development. Many criticized the decision before noting the federal government invested nearly $2 billion in Moderna’s development of the vaccine as well as providing a collaboration with the National Institutes of Health.ĬEO Stéphane Bancel pledged during the hearing that even with the price increasing from less than $30 to about $130 a dose, Moderna would develop a system to provide uninsured or underinsured Americans with the COVID-19 vaccine and boosters at no cost.īancel, however, was unable to answer numerous questions from U.S. senators on the Health, Education, Labor and Pensions Committee. That decision was met with bipartisan condemnation from U.S. The CEO of Moderna on Wednesday defended the company’s decision to drastically increase the price of its COVID-19 vaccine later this year, arguing that an expected drop in demand, changes to its distribution process and the overall benefit of the vaccine warrant the higher cost. Photo from the Executive Office of the Governor. A vaccine dose is prepared at a mass vaccination site in St.
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