The latest figures from the Peoples Vaccine Alliance reveal that the companies behind two of the most successful COVID-19 vaccines —Pfizer, BioNTech and Moderna— are making combined profits of $65,000 every minute.
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Big Pharma Davos For COVID-19 Vaccines Manufacturers
It seems that with the rising demands for firms to share vaccine recipes and technology, the billionaire pharma bosses convene for ‘Big Pharma Davos’.
The figures came into light as CEOs from the pharmaceutical industry meet for the annual STAT summit, which is also an equivalent of a ‘Big Pharma Davos’ from 16-18 November.
Vaccines For Rich Countries Only
Another reality is that these companies have sold the majority of doses to rich countries while leaving low-income countries out in the cold.
Figures denote that Pfizer and BioNTech have delivered less than one percent of their total vaccine supplies to low-income countries.
Similarly, Moderna has delivered just 0.2% of vaccines.
Presetky, 98% of people in low income countries have not been fully vaccinated.
“It is obscene that just a few companies are making millions of dollars in profit every single hour, while just two percent of people in low-income countries have been fully vaccinated against coronavirus. Pfizer, BioNTech and Moderna have used their monopolies to prioritize the most profitable contracts with the richest governments, leaving low income countries out in the cold,” siad Maaza Seyoum of the African Alliance and People’s Vaccine Alliance Africa.
These three corporations have refused calls to urgently transfer vaccine technology and know-how with capable producers in low- and middle-income countries via the World Health Organisation (WHO), Despite receiving public funding of over $8 billion.
This move could have increased global supply, driven down prices and saved millions of lives.
In case of Moderna, despite explicit pressure from the White House and requests from the WHO that the company collaborate in and help accelerate its plan to replicate the Moderna vaccine for wider production at its mRNA hub in South Africa.
The CEO of Pfizer, Albert Bourla has described the call to share vaccine recipes ‘dangerous nonsense,’.
On the other hand, the WHO emergency use approval of the Indian vaccine Covaxin earlier this month is clear evidence that developing countries have the capacity and expertise.
Pharmaceutical Companies Looking For Astronomical Profits
“Contrary to what Pfizer’s CEO says, the real nonsense is claiming the experience and expertise to develop and manufacture life-saving medicines and vaccines does not exist in developing countries,” siad Anna Marriott, Oxfam’s Health Policy Manager.
In reality, this is just a false excuse that pharmaceutical companies are hiding behind to protect their astronomical profits.
Further adding, “It is also a complete failure of the government to allow these companies to maintain monopoly control and artificially constrain supply in the midst of a pandemic while so many people in the world are yet to be vaccinated.”