Pfizer to quadruple COVID vaccine cost

Pfizer Inc. expects to roughly quadruple the price of its COVID-19 vaccine, according to Pfizer CEO Angela Lukin. The price of the vaccine will probably vary from $110-$130 per dose after the current US government procurement program expires.

Earlier, Reuters reported that Wall Street expected such a price increase due to weak demand for COVID vaccines. Consequently, vaccine manufacturers will need to raise prices to meet revenue projections for 2023.

Presumably in 2023, the market will shift to private insurance after the U.S. public health emergency expires. At the moment, the US government pays Pfizer about $30 per dose.

According to Angela Lukin, the price of vaccines in the US reflects its overall cost-effectiveness. The Pfizer CEO also ensures that the price of the vaccine is going to be affordable for patients.

It is not yet clear whether people without health insurance will get access to the vaccine. Lukin said that vaccine procurement turning over to the private sector before the first quarter of 2023 is unlikely. Completion of this step depends on the depletion of government supply contracts.