Moderna COVID-19 vaccine price might reportedly increase by roughly 400 percent, making it cost more than $100 per dose.
(Photo : JOHAN ORDONEZ/AFP via Getty Images)
A nurse prepares a dose of the Moderna vaccine against COVID-19, donated by the US, at a vaccination center in San Juan Sacatepequez, Guatemala, on July 15, 2021.
The Moderna Chief Executive Officer (CEO), Stephane Bancel, reportedly justifies the looming price hike for their COVID vaccines.
Moderna COVID-19 Vaccine to Increase Price by 400%
Moderna is now looking to hike the prices of its COVID-19 vaccines at a high rate, as per a news story by The Wall Street Journal. The increase could likely go higher than 400 percent of its current pricing per dose.
So it might not take long before Moderna announces new pricing for their coronavirus vaccine. The giant biotech firm is now reportedly planning to significantly increase the cost of a single dose.
The change in pricing comes amid the transition of Moderna from mere government contracting to the commercial market, The Wall Street Journal reports.
According to Ars Technica, a dose of a Moderna COVID vaccine currently sells for around $26 per dose. But the new pricing might go as high as $130 per dose.
The Wall Street Journal reports that the hike could likely surge the pricing between $110 and $130. A whopping 400 percent inflation from its current price tag.
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Moderna CEO Says Price Hike 'Consistent with the Value'
No less than the big boss of Moderna spoke with The Wall Street Journal about the looming price hike.
Bancel reportedly said during the JP Morgan Healthcare Conference that the planned 400 percent price increase is "consistent with the value" of the COVID-19 vaccine.
(Photo : IVAN COURONNE/AFP via Getty Images)
The CEO of Moderna Stéphane Bancel is seen in this video frame grab as he speaks during an interview with AFP on November 17, 2020. - The CEO of Moderna warned European countries on November 17, 2020 that dragging out negotiations to purchase its promising new Covid-19 vaccine will slow down deliveries, as other nations that have signed deals will get priority.
The chief executive told the news outfit that "I would think this type of pricing is consistent with the value."
Initially, a dose of a Moderna COVID vaccine costs the United States government roughly $16. The pricing bumped up by $10 last year. Starting July 2022, the dose pricing is $26.
Meanwhile, the Pfizer-BioNTech COVID vaccine started from $19.50 per dose pricing. It increased last year, making it $30 a dose.
However, Pfizer reportedly announced that it plans to release its COVID-19 vaccines at a more expensive price. It should range from $110 to $130.
With that, it seems that Moderna is following the route Pfizer is taking. Soon enough, a dose of a COVID-19 vaccine might cost more than $100 once the government contracting takes its final curtain call.
The Moderna CEO says in a press release that they expect to earn as much as $5 billion from COVID vaccines alone this 2023. Bancel optimistically adds that they are entering "2023 in a great position."
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