U.S. Senator Bernie Sanders sent Moderna Inc (MRNA.O) a letter this week asking the drug company to halt planned U.S. price increases on its COVID-19 vaccine, saying price hikes could make the shot unaffordable for millions of Americans.
Sanders said in his letter that raising prices would be particularly egregious after the U.S. government provided around $1.7 billion to fund development of the vaccine. The letter was addressed to Moderna Chief Executive Stephane Bancel.
"You propose to make the vaccine unaffordable for the residents of this country who made the production of the vaccine possible," wrote Sanders, who is set to become chairman of the Senate's Health, Education, Labor and Pensions later this month. "That is not acceptable."
Moderna has not settled on a price yet, but Bancel has said that a range of $110 to $130 a dose for the vaccine once the United States moves to a commercial market for the shots is reasonable given the value they create.
The top end of that range is around eight times the price in the earliest U.S. contracts for the vaccine and nearly five times the roughly $27 a dose the government paid for booster shots last year.
"While we are still in discussions with stakeholders on the price of our COVID-19 vaccines, Moderna is committed to pricing that reflects the value that COVID-19 vaccines bring to patients, healthcare systems, and society," Moderna said in an emailed statement.
The company said that under the Affordable Care Act, its COVID-19 shots will continue to be available at no cost for most Americans.
Sanders is a democratic socialist whose presidential campaigns have pushed the U.S. Democratic Party agenda leftward. The Vermont Senator has railed against high drug prices and backed Medicare-for-all, and his chairmanship of the HELP committee could put drug companies in his crosshairs.
Sanders wrote that Bancel and several of Moderna's founders have become billionaires after the vaccine's launch. He said the higher prices would cost U.S. taxpayers billions of dollars and make the shots too expensive for uninsured and underinsured Americans.
"Now, in the midst of a continuing public health crisis and a growing federal deficit, is not the time for Moderna to be quadrupling the price of this vaccine. Now is not the time for unacceptable corporate greed," Sanders wrote.
Moderna's COVID-19 vaccine sales were around $18.4 billion in 2022. That is expected to fall sharply next year even with the price increases, as demand for the shots has dropped off. The drugmaker said on Monday it expects a minimum of $5 billion in revenue from the shots this year.
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In my head I was all “ohh, alien lookin”
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Stocks rise as investors look ahead to key consumer inflation data
Stocks rise as investors look ahead to key consumer inflation data
Stocks rose Wednesday as investors shook off inflation data that came in higher than expected and looked ahead to a key consumer report that will inform the pace of the Federal Reserve’s rate hikes going forward.
The Dow Jones Industrial Average gained 169 points, or 0.58%. The S&P 500 rose 0.28%, bolstered by a 10% jump in shares of Moderna, the top gaining stock in the index. The Nasdaq…
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EU regulator clears tweaked versions of COVID vaccines
EU regulator clears tweaked versions of COVID vaccines
2022-09-04 08:02:48
LONDON (AP) — The European Medicines Agency has recommended the authorization of two coronavirus vaccines made by Pfizer-BioNTech and Moderna Inc., tweaked to include protection against an early version of the omicron variant.
In a statement on Thursday, the EU drug regulator said the two messenger RNA boosters offered protection both against the original version of COVID-19…
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FDA authorizes emergency use for Novavax Covid-19 vaccine for ages 12 to 17
FDA authorizes emergency use for Novavax Covid-19 vaccine for ages 12 to 17
A box of the Novavax Covid-19 vaccine arranged at a pharmacy in Schwenksville, Pennsylvania, US, on Monday, Aug. 1, 2022.
Bloomberg | Bloomberg | Getty Images
Biotechnology company Novavax announced on Friday that its Covid-19 vaccine has been authorized for emergency use by the U.S Food and Drug Administration for adolescents between the ages of 12 and 17.
In July, Novavax’s two-dose Covid-19…
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Ouest-France: ENTRETIEN. Covid-19 : « Le vaccin de Moderna sera plus efficace contre les variants »
Ouest-France: ENTRETIEN. Covid-19 : « Le vaccin de Moderna sera plus efficace contre les variants ».
https://www.ouest-france.fr/sante/vaccin/entretien-covid-19-le-vaccin-de-moderna-sera-plus-efficace-contre-les-variants-5b2cb650-f7c2-11ec-91dc-9e5b156d5995
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5 things to know before the stock market opens Thursday, September 1
5 things to know before the stock market opens Thursday, September 1
2022-09-01 04:22:00
Cleveland Federal Reserve President and CEO Loretta Mester gives her keynote address at the 2014 Financial Stability Conference in Washington December 5, 2014.
Gary Cameron | Reuters
Here are the most important news items that investors need to start their trading day:
1. Stocks can’t shake it off
So much for a fresh start in September. U.S. equities markets were primed…
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FDA authorizes emergency use for Novavax Covid-19 vaccine for ages 12 to 17
FDA authorizes emergency use for Novavax Covid-19 vaccine for ages 12 to 17
A box of the Novavax Covid-19 vaccine arranged at a pharmacy in Schwenksville, Pennsylvania, US, on Monday, Aug. 1, 2022.
Bloomberg | Bloomberg | Getty Images
Biotechnology company Novavax announced on Friday that its Covid-19 vaccine has been authorized for emergency use by the U.S Food and Drug Administration for adolescents between the ages of 12 and 17.
In July, Novavax’s two-dose Covid-19…
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