{"id":12376,"date":"2021-11-17T10:36:47","date_gmt":"2021-11-17T02:36:47","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=12376"},"modified":"2021-11-17T10:36:49","modified_gmt":"2021-11-17T02:36:49","slug":"pfizer-biontech-moderna-make-us1000-profit-every-second","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=12376","title":{"rendered":"Pfizer, BioNTech, Moderna make US$1,000 profit every second"},"content":{"rendered":"\n

Washington, Nov 17 — Pfizer, BioNTech, and Moderna are making a combined profit of US$65,000 every minute from their highly successful Covid-19 vaccines while the world\u2019s poorest countries remain largely unvaccinated, according to a new analysis.<\/p>\n\n\n\n

The companies have sold the vast majority of their doses to rich countries, leaving low-income nations in the lurch, said the People\u2019s Vaccine Alliance (PVA), a coalition campaigning for wider access to Covid vaccines, which based its calculations on the firms\u2019 own earning reports.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\u201cIt is obscene that just a few companies are making millions of dollars in profit every single hour, while just 2% of people in low-income countries have been fully vaccinated against coronavirus,\u201d Maaza Seyoum of the African Alliance and People\u2019s Vaccine Alliance Africa said.<\/p>\n\n\n\n

\u201cPfizer, BioNTech, and Moderna have used their monopolies to prioritize the most profitable contracts with the richest governments, leaving low-income countries out in the cold.\u201d<\/p>\n\n\n\n

\"profit\"<\/figure><\/div>\n\n\n\n

Pfizer and BioNTech have delivered less than 1% of their total supplies to low-income countries while Moderna has delivered just 0.2%, the PVA said.<\/p>\n\n\n\n

Currently, 98% of people in low-income countries have not been fully vaccinated.<\/p>\n\n\n\n

The three companies\u2019 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 the future as the pandemic winds down.<\/p>\n\n\n\n

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 Organization, \u201ca move that could increase global supply, drive down prices and save millions of lives.\u201d<\/p>\n\n\n\n

\u201cIn Moderna\u2019s 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,\u201d the group said.<\/p>\n\n\n\n

While Pfizer CEO Albert Bourla has dismissed technology transfer as \u201cdangerous nonsense,\u201d the WHO\u2019s 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.<\/p>\n\n\n\n

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 vaccines by agreeing to a proposed waiver of the World Trade Organisation\u2019s Trips agreement.<\/p>\n\n\n\n

More than 100 nations, including the US, back that move, but it is being blocked by rich countries including the UK and Germany.<\/p>\n\n\n\n

NMT<\/a> as reported by AFP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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