Vaccine monopolies are increasing the cost of vaccinating the world against Covid

Published: July 29th 2021

In a briefing note published today, The Global People’s Vaccine Alliance highlighted examples of how just much both developing and wealthier nations have been potentially overpaying for Covid-19 vaccines.

• The EU may have overpaid for their 1.96 billion Moderna and Pfizer/BioNTech vaccines by as much as €31 billion.
• Pfizer/ BioNTech are charging their lowest reported price of €5.72 to the African Union but this is still nearly 6 times more than the estimated potential production cost of this vaccine.
• Colombia, which has been badly affected by Covid, has been paying double the price paid by the US for Moderna vaccines.

The cost of vaccinating the world against Covid-19 could be at least five times cheaper if pharmaceutical companies weren’t profiteering from their monopolies on vaccines.

New analysis by the Global People’s Vaccine Alliance shows that Pfizer/BioNTech and Moderna have been charging governments as much as €34.7 billion above the estimated cost of production!

So, despite the rapid rise in Covid cases and deaths we are witnessing across the world, Pfizer/BioNTech and Moderna have been charging up to 24 times the potential cost of production, and they have sold over 90 percent of their vaccines so far to rich countries only… join the dots?

It is true that just last week Pfizer/BioNTech announced it would licence a South African company to fill and package 100 million Covid-19 vaccines doses for use in Africa, but this is a tiny drop in the ocean of incredible need.

Neither company has agreed to fully transfer vaccine technology and know-how with any capable producers in developing countries, a move that could increase global supply, drive down prices and save millions of lives.

The Alliance’s analysis of the vaccines produced by Pfizer/BioNTech and Moderna – which had an injection of public funding to the tune of €7 billion by the way – suggests these vaccines could be made for as little as €1 a dose.

In response to the analysis, our Chief Executive Jim Clarken, said:

The Alliance says it is vital that vaccine manufacturers are forced to justify why their vaccines cost more, but says that open competition is also vital to bring down prices and increase supply.

The People’s Vaccine Alliance, both here in Ireland and globally, is calling on all governments to insist that the vaccine technology is transferred – to enable all qualified manufacturers worldwide, especially those in developing countries, to produce these vaccines. Governments should also urgently approve a waiver of intellectual property rules related to Covid-19 technologies as proposed by South Africa and India.

The waiver, which has been supported by over 100 nations including the US and France has been repeatedly blocked by the European Union – and Ireland.

Maaza Seyoum, from the African Alliance and People’s Vaccine Alliance Africa, said:

As Irelands reaches the milestone of 70 percent of its adult population being fully vaccinated, less than one percent of people in low-income countries have received a vaccine, while the profits made by the companies has seen the CEOs become billionaires.

Will you take action for a #PeoplesVaccine today?

Help us put the pressure on by asking your TDs to call on our political leaders to meet with Members of the People’s Vaccine Alliance Ireland as a matter of urgency.