DRUG COMPANY PROFITS

There has always been claims from the “anti-whatever it is” and it is generally assumed by most people that the drug companies are making huge profits from the vaccines for Covid-19. I cannot blame this thinking on anyone as we all understand how crooked and filthy rich these companies are, however It appears that is at least half correct in this case as 2 of the biggest drug companies Astra Zeneca and Pfizer are poles apart when it comes to social responsibility, compassion and profits at all costs.

https://www.bbc.com/news/business-59256223

AstraZeneca to take profits from Covid vaccine

AstraZeneca has started to move away from providing its Covid-19 vaccine to countries on a not-for-profit basis.

The drugs giant has signed a series of for-profit agreements for next year, and expects to make a modest profit from the vaccine this quarter, it said.

The company had previously said it would only start to make money from the vaccine when Covid-19 was no longer a pandemic.

Its chief executive Pascal Soriot said the disease was becoming endemic.

The jab will continue to be supplied on a not-for-profit basis to poorer countries.

Mr Soriot had previously said, “We decided to provide it at no profit, because our top priority was to protect global health.”

He told the BBC he had “absolutely no regrets” about not making a profit when competitors had been, despite having to deal with political criticism in various countries.

He said the vaccine had saved a million lives around the world.

“I absolutely don’t regret it,” he said. “We are proud as a company of the impact we have had – we’ve saved millions of hospitalisations. The [AstraZeneca] team continues to do a stellar job.”

He said that the contracts that had been signed are for next year, and told reporters that the virus was now becoming endemic.

“We started this to help, but we said we would transition [to making a profit].”

Other vaccine manufacturers including Pfizer and Moderna have been making profits from their vaccines.

A normal profit margin in the drugs industry is up to 20%, but Mr Soriot said AstraZeneca, which charges $5 per shot for the Covid vaccine at cost price, would not be making as much profit as that.

In its financial results, AstraZeneca said, “The company is now expecting to progressively transition the vaccine to modest profitability as new orders are received.

It said: “Covid-19 vaccine sales in [the fourth quarter of 2021] are expected to be a blend of the original pandemic agreements and new orders, with the large majority coming from pandemic agreements.”

By the end of September, AstraZeneca and its sub-licensees had supplied 1.5 billion doses.

‘Held to ransom’: Pfizer plays hardball in Covid-19 vaccine negotiations with Latin American countries

https://www.statnews.com

By Madlen Davies, Ivan Ruiz, Jill Langlois and Rosa Furneaux and Madlen Davies — TBIJ Feb. 23, 2021

Pfizer has been accused of “bullying” Latin American governments during negotiations to acquire its Covid-19 vaccine, and the company has asked some countries to put up sovereign assets, such as embassy buildings and military bases, as a guarantee against the cost of any future legal cases, according to an investigation by the U.K.-based Bureau of Investigative Journalism.

In the case of one Latin American country, demands made by the pharmaceutical giant led to a three-month delay in a vaccine deal being reached. For Argentina and Brazil, no national deals were agreed to at all with Pfizer. Any hold-up in countries receiving vaccines can lead to more people contracting Covid-19 and potentially dying.

Officials from Argentina and the other Latin American country, which cannot be named as it has signed a confidentiality agreement with Pfizer, said the company’s negotiators demanded more than the usual indemnity against civil claims filed by citizens who suffer serious adverse events after being inoculated. They said Pfizer also insisted the governments cover the potential costs of civil cases brought as a result of Pfizer’s own acts of negligence, fraud, or malice. In Argentina and Brazil, Pfizer asked for sovereign assets to be put up as collateral for any future legal costs.

2 thoughts on “DRUG COMPANY PROFITS

  1. The point I really want to make Nan is that a British-Swedish multinational drug company Astra Zeneca can deliver vaccines for so long without huge profits to poor countries, why couldn’t other drug companies follow suit especially the largest being Pfizer.

    Liked by 1 person

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