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Moderna CEO Brazenly Defends 400 Percent COVID-19 Vaccine Price Hike

Vials containing the Moderna COVID-19 vaccine sit on a table in preparation for vaccinations at Kadena Air Base, Japan, Jan. 4, 2021. As part of the DoD strategy for prioritizing, distributing and administering the COVID-19 vaccine, those providing direct medical care and emergency services will be prioritized to receive the vaccine at units based in Japan, including Kadena AB. (U.S. Air Force photo by Airman 1st Class Anna Nolte)


“In congressional testimony, Moderna CEO Stéphane Bancel unabashedly defended the company’s plans to raise the US list price of its COVID-19 vaccines by more than 400 percent.”

[Image source: Wikimedia]


This news story reminds us, yet again, that the pharmaceutical industry is first and foremost an investment industry that prioritizes the profit interests of its shareholders.

Significantly, Bancel’s defense of the planned 400 percent price hike comes despite Moderna having created its mRNA COVID-19 vaccine in partnership with the US government’s National Institutes of Health. The company was also given $1.7 billion in federal grant money for clinical development. While the vaccine is said to cost only about $3 per dose to manufacture, once US federal supplies run out later this year Moderna plans to sell it at $130 per shot.

Through the sale of dangerous experimental vaccines and drugs, the pandemic has provided an unprecedented goldmine for the pharmaceutical industry. Thus far Moderna has already made around $36 billion from worldwide sales of its mRNA COVID-19 shots, for example.

Pfizer, which also produces an mRNA COVID-199 vaccine, has similarly profited massively. Driven by the pandemic its total revenue reached a record $100 billion last year. Over the next 5 years it is expected to make a further $100 billion from COVID-19 vaccine sales alone.

To read how two lawmakers in the US state of Idaho have introduced a bill that, if passed, would criminalize the providing or administering of mRNA vaccines across the entire state, see this article on our website.