UPDATED 4:30 PM PT – Sunday, August 1, 2021
Pharmaceutical giants Pfizer and Moderna have reportedly increased consumer prices on their coronavirus vaccines. According to the Financial Times on Sunday, the two companies raised vaccine prices for European Union countries, with a similar move expected in other markets.
The new price of a Pfizer shot was reported at $23, which was an increase from the previous cost of $18. Similarly, a jab of Moderna has increased from $22.50 to $25.
The two companies citied global inflation, supply chain bottleneck and a high demand for the vaccines as reasons to hike prices.
Moderna — which received almost $2.5 billion in public funds and worked with the publicly-funded NIH to develop its vaccine — is expected to earn $18.4 billion in revenue from the vaccine this year.
— Public Citizen (@Public_Citizen) July 28, 2021
Meanwhile, both Pfizer and Moderna are pushing for so-called booster shots to sell a third dose of the vaccine to governments around the world.