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Pfizer’s CEO defends companies that profit from coronavirus vaccines

  • There are currently 164 coronavirus vaccine projects, according to the World Health Organization.
  • Pfizer is working with European pharmaceutical company BioNTech to create a coronavirus vaccine that it aims to make available for emergency use this fall.
  • Lawmakers are urging companies to sell their vaccines at a price.
  • The CEO of Pfizer in a recent interview defended companies that profit from vaccines.
  • Visit the Business Insider homepage for more stories.

As candidates for coronavirus vaccines continue their testing before receiving FDA approval, Pfizer CEO Albert Burla disagrees with the idea that the companies that develop them should not win.

“I think it̵

7;s very wrong,” Burla told Barron on Tuesday. “The private sector has found the solution for diagnostics … and is together [the] a way to find more solutions for therapists and vaccines. “

Phase 3 trials of the Pfizer vaccine candidate began this week. According to Burla, the vaccine is “performing thoroughly.”

If approved for emergency use, Pfizer will send 100 million doses to the US government. The US government will pay $ 1.95 billion for these doses, a total of about $ 19.50 per shot.

Pfizer is not the only company hoping to have a vaccine ready by the fall.

AstraZeneca / Oxford and Moderna are also on track to prepare their vaccines for emergency use. People at high risk of contracting the virus, including healthcare professionals and the elderly, will be able to receive the vaccine if the FDA approves it for this use.

There are no solid figures on how much a company can make from a coronavirus vaccine once it hits the market.

Last week reputation Jan Shakowski-ill. asked companies that have received state aid to develop the coronavirus vaccine to sell the vaccine at a price, according to NPR. Although the answers vary, it is important to note that Pfizer does not use any government funding to develop its vaccines.

“During the pandemic, we just went with the price, which is the very low end of everything that exists,” Burla said in an interview. “It’s a fraction of what high-tech vaccines are being sold [for] in USA”

AstraZeneca has asked to sell its vaccine at a profit to the government, while Johnson & Johnson will sell its vaccine at a non-profit price for an emergency pandemic.

Get the latest Pfizer stock price here.

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