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Pfizer accused of pandemic profiteering as profits double
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: August 1st, 2022
https://www.theguardian.com/business/2022/feb/08/pfizer-covi...
Pfizer made nearly $37bn (£27bn) in sales from its Covid-19 vaccine last year – making it one of the most lucrative products in history – and has forecast another bumper year in 2022, with a big boost coming from its Covid-19 pill Paxlovid. The US drugmaker’s overall revenues in 2021 doubled to $81.3bn. The bumper sales prompted accusations from campaigners of “pandemic profiteering”. The group Global Justice Now said the annual revenue of $81bn was more than the GDP of most countries. Pharmaceutical companies have been accused of not sharing the recipe for their vaccines, which would enable drugmakers in poorer countries to produce cheaper versions of them. Global Justice Now pointed out that Pfizer’s Covid-19 jab was invented by BioNTech, supported by €100m (£84m) in debt financing from the publicly owned European Investment Bank and a €375m grant from the German government. Tim Bierley, a pharma campaigner at the group, said: “The development of mRNA vaccines should have revolutionised the global Covid response. “But we’ve let Pfizer withhold this essential medical innovation from much of the world, all while ripping off public health systems.” According to Reuters, Pfizer has sold the vaccine to African countries at $3 to $10 a shot. It has indicated that a non-profit dose costs just $6.75, or £4.98, to produce, but it has reportedly charged the NHS £18 a dose for the first 100m jabs bought and £22 a dose for the next 89m, totalling £3.76bn ... amounting to an eye-watering 299% mark-up.
Note: If big Pharma really cared about public healthy, don’t you think they’d be willing to sacrifice some of their huge profits and charge much less for their injections? Unfortunately, it’s the old story of the rich get richer and the rest are left behind. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.
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