Big Pharma Makes a Killing - Literally

 

Written by: John S on 22 March 2022

 Another reason capitalism cannot and will never protect the people.

Moderna made a massive profit in 2021 - US$13 billion i.e. US$36 million a day.

Moderna’s COVID vaccine can be produced for as little as $2.85 per dose, but averages $19 -24 on the market, up to $37 in some countries  i.e. up to 13 times the estimated cost price.

The People’s Vaccine Alliance calculated that COVID-19 vaccines had  created nine new billionaires. Moderna CEO, Stephane Bancel, is worth $5 billion!

Some other facts about sheer perversity:

In September, 2021, Moderna had delivered 85% of its supply to the richest countries (home to some 12% of the world population), and almost no doses to low-income countries.

Big pharma justifies its profits and patents with claims about the huge expense of research.

In truth, vast amounts of public money have been given to Moderna, for one, to support or enable the research. 

Nearly $1 billion of US taxpayer money was poured into Moderna, and the US government provided another $1.5 billion as an advance purchase agreement.

Despite this, Moderna refuses to share its recipe, patents or know-how. South Africa is hosting an mRMA research effort for the purpose of  developing the technology to share freely with the world. Moderna has refused to collaborate. Indeed, Moderna has even applied for patents in South Africa to maintain control and ownership of the know-how it developed with public money.

Moderna is currently in legal patent disputes with rivals and the US government. It would rather spend millions on litigation than help the world's population.

All this is regular big pharma behaviour. Milk the public purse, then profits before people.

Only a socialist system will nationalise pharmaceutical research and provision, targeting  people’s real needs, and providing medicines for free.