AstraZeneca Will Take Profits from Covid Vaccine Now
250 million Vials for The Coronavirus Vaccine Has Been Provided Across the World Through Covax Program by AstraZeneca
The pharmaceutical firm AstraZeneca has recently initiated to move further away from giving their own vaccine for Covid-19 infection to nations that are the not-for-profit basis. The drug manufacturing company has recently signed a series of an agreement to gain profits from Covid vaccine for the upcoming year and is expecting to make a modest amount of income from the manufacturing and providing for the coronavirus vaccine.
AstraZeneca had previously stated that they would only be starting to make profits from Covid vaccine when the widespread of coronavirus is no longer a worldwide pandemic. The chief executive of the firm Pascal Soriot gave a statement saying that the coronavirus spread is no longer a pandemic and is gradually converting into an epidemic as multiple countries have come back to a normal routine as a major percentage of their general population have been vaccinated.
The vaccine dosages will continue to be provided free of cost without any profit to underdeveloped countries that are unable to make payments.
Decision by AstraZeneca
It has previously been said by Mr. Soriot that his firm had decided not to make profits from Covid vaccine due to the fact that the top priority of their firm is the protection of global health. He also stated that he does not have any regrets regarding not making profits from Covid vaccine distribution when other competitor pharmaceutical firms had been requiring payments for coronavirus vaccine production, despite having to deal with criticism from multiple nations globally.
He further added that the coronavirus vaccine, which was initially developed by Oxford University, had been able to save the lives of millions of people across the world. Mr. Soriot stated that he absolutely does not have any regrets, as the firm has been able to make an impact by saving millions of individuals from being hospitalized due to the increased severity of the disease. The team of AstraZeneca still continues on to do a better job.
Pascal Soriot had signed several contracts for the upcoming next year which would help him gain profits from Covid vaccine distribution, as the coronavirus is gradually slowing down and becoming an epidemic in the localized area instead of a worldwide pandemic, which means that the general global population should now learn to live the rest of their lives with it.
He stated that the production and global distribution of coronavirus vaccine were started to help the people throughout the globe, but the firm had already given a public statement in which they highlighted that overtime, AstraZeneca would transition into making profits from Covid vaccine, although it is not something through which huge number of profits could be earned.
Profits from vaccine production
It has been confirmed by the pharmaceutical firm that the pricing for the vaccine would be tiered for the countries to make sure that the Covid vaccine is being provided at an affordable price range. By the end of the year 2021, AstraZeneca is expecting to have been able to supply 250 million vaccine doses to the Covax program by the World Health Organization for developing nations.
Other pharmaceutical companies, including Moderna and Pfizer, have been able to make major profits from Covid vaccine distribution. A normal margin for profits in the entire drug industry is around 20%, but according to Pascal Soriot of drug giant AstraZeneca, which are currently charging around $5 for a single dose for the coronavirus vaccine at the cost price, and is expected to not make as many profits as the other firms.
However, the director of the campaign group Global Justice Now, Nick Dearden, stated that the decision taken by AstraZeneca to start making profits from Covid vaccine while the Covid-19 pandemic is still ongoing had shown the utter folly of providing the science that has been funded by the public to big pharmaceutical firms.
He said that the moment when pharmaceutical firms would start charging and making profits from Covid vaccine distribution was always expected to come, and it is exactly the reason why the experts of public health have recently made demands for a waiver of intellectual property on the coronavirus vaccines.
In the latest results of the financial report, it has been stated by AstraZeneca that the firm is currently expecting to make a progressive transition regarding the vaccine to modest profitability as new massive orders are being received.