January 28, 2023

Pfizer, BioNTech, Moderna making $1,350 profit every second, World News & Top Stories

WASHINGTON (AFP) – Pfizer, BioNTech and Moderna are making combined profits of US$65,000 (S$88,000) every minute from their highly successful Covid-19 vaccines while the world’s poorest countries remain largely unvaccinated, according to a new analysis.

The companies have sold the vast majority of their doses to rich countries, leaving low-income nations in the lurch, said the People’s Vaccine Alliance (PVA), a coalition campaigning for wider access to Covid-19 vaccines, which based its calculations on the firms’ own earning reports.

The Alliance estimates that the trio will make pre-tax profits of US$34 billion this year between them, which works out to over US$1,000 a second, US$65,000 a minute or US$93.5 million a day.

“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,” Ms Maaza Seyoum of the African Alliance and People’s Vaccine Alliance Africa said.

“Pfizer, BioNTech and Moderna have used their monopolies to prioritise the most profitable contracts with the richest governments, leaving low-income countries out in the cold.”

Pfizer and BioNTech have delivered less than 1 per cent of their total supplies to low-income countries while Moderna has delivered just 0.2 per cent, the PVA said.

Currently, 98 per cent of people in low-income countries have not been fully vaccinated.

The three companies’ actions are in contrast to AstraZeneca and Johnson & Johnson, which provided their vaccines on a not-for-profit basis, though both have announced they foresee ending this arrangement in future as the pandemic winds down.

PVA said that despite receiving public funding of more than US$8 billion, Pfizer, BioNTech and Moderna have refused calls to transfer vaccine technology to producers in low- and middle-income countries via the World Health Organisation, “a move that could increase global supply, drive down prices and save millions of lives”.

“In Moderna’s case, this is 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 group said.

While Pfizer CEO Albert Bourla has dismissed technology transfer as “dangerous nonsense”, the WHO’s decision to grant emergency use approval to the Indian-developed Covaxin earlier this month proves that developing countries have the capacity and expertise, PVA added.

PVA, whose 80 members include the African Alliance, Global Justice Now, Oxfam, and UNAids, is calling for pharmaceutical corporations to immediately suspend intellectual property rights for Covid-19 vaccines by agreeing to a proposed waiver of World Trade Organisation’s Trips agreement.

More than 100 nations, including the United States, back that move, but it is being blocked by rich countries including the UK and Germany.

in World
Related Posts

Iranian cleric Ebrahim Raisi’s poll win draws mixed reactions, Middle East News & Top Stories

June 19, 2021

June 19, 2021

PARIS (AFP) – Hardliner Iranian cleric Ebrahim Raisi’s victory on Saturday (June 19) in a presidential election has drawn mixed...

Iran's Raisi says US violated nuclear deal, EU failed to fulfil commitments

June 22, 2021

June 22, 2021

June 22, 2021 10:29 AM DUBAI (REUTERS) – Iranian President-Elect Ebrahim Raisi said on Monday (June 22) that the United...

UK govt says July 19 ‘end of the line’ for virus curbs, Europe News & Top Stories

June 28, 2021

June 28, 2021

LONDON (AFP) – The British government is intent on lifting all of England’s coronavirus restrictions on July 19, Sajid Javid...

Southwest Airlines in US says systems restored after 1,400 flights disrupted, United States News & Top Stories

June 15, 2021

June 15, 2021

NEW YORK (BLOOMBERG) – Southwest Airlines said systems have been restored after the second disruption in a matter of hours...

Saudi air defences intercept 11 Houthi armed drones: State TV, Middle East News & Top Stories

June 19, 2021

June 19, 2021

DUBAI (REUTERS) – Saudi Arabian air defences on Saturday (June 19) destroyed 11 armed drones launched by Yemen’s Houthi movement...

Sweeping Bill to counter China introduced in US House, United States News & Top Stories

May 25, 2021

May 25, 2021

WASHINGTON (REUTERS) – US efforts to address competition with China progressed on Tuesday (May 25) when the chairman of the...

Canadian lawmaker caught urinating on virtual video stream weeks after naked gaffe, World News & Top Stories

May 28, 2021

May 28, 2021

OTTAWA (REUTERS) – A Canadian lawmaker is temporarily stepping down from some duties and is “seeking assistance” after being caught...

Germany to speed up wind and solar energy expansion: Draft, Europe News & Top Stories

June 3, 2021

June 3, 2021

BERLIN (REUTERS) – The German government plans to speed up the expansion of wind and solar energy by 2030 as...

In France, virtual gallery showcases Leonardo da Vinci’s power and grace, Europe News & Top Stories

June 25, 2021

June 25, 2021

AMBOISE, FRANCE (AFP) – A new virtual gallery of Leonardo da Vinci’s paintings that plunges the viewer into the Renaissance...

Blinken signals possible resumption of US-Taiwan trade and investment talks, United States News & Top Stories

June 7, 2021

June 7, 2021

WASHINGTON (REUTERS) – US Secretary of State Antony Blinken on Monday (June 7) signalled a possible resumption of trade and...

Germany knife attack victims were all women, Europe News & Top Stories

June 26, 2021

June 26, 2021

WUERZBURG, GERMANY (REUTERS) – Authorities in Germany were investigating on Saturday (June 26) what prompted a man to go on...

Do not provoke us again in Black Sea, Russia warns Britain, Europe News & Top Stories

June 24, 2021

June 24, 2021

LONDON/MOSCOW (REUTERS) – Russia on Thursday (June 24) accused Britain of spreading lies over a warship confrontation in the Black...

US former police officer to be sentenced for George Floyd murder, United States News & Top Stories

June 25, 2021

June 25, 2021

MINNEAPOLIS (AFP) – Former policeman Derek Chauvin could be ordered behind bars for 30 years on Friday (June 25) when...

Gunfire in New York’s Times Square leaves one man wounded, United States News & Top Stories

June 28, 2021

June 28, 2021

NEW YORK (NYTIMES) – A 21-year-old man was shot once in the back on Sunday afternoon (June 27) in Times...

Biden to host outgoing Israeli president Reuven Rivlin on June 28, Middle East News & Top Stories

June 19, 2021

June 19, 2021

WASHINGTON (REUTERS) – US President Joe Biden plans to host Israel’s president, Reuven Rivlin, at the White House on June...