New figures reveal that the top three Covid vaccine makers Pfizer, BioNTech, and Moderna are making around $65,000, in combined profit per minute, from their jabs.
According to a new analysis, the big pharma giants are getting richer as wealthy nations snap up their products, as plans to offer the covid jab to poorer nations at a discount have largely fallen through.
On Tuesday the African Alliance and People’s Vaccine Alliance Africa declared “It is obscene that just a few companies are making millions of dollars in profit every single hour, while just two percent of people in low-income countries have been fully vaccinated against coronavirus”.
RT reports: Pfizer, BioNTech, and Moderna are making $65,000 every minute off the sale of their blockbuster Covid-19 vaccines, the organizations revealed on Tuesday, noting that the firms have off-loaded the majority of their jabs to wealthy countries. The pharma trio will have realized $34 billion between them, the NGOs calculate, with sums that work out to $1,000 per second or $93.5 million per day.
Despite these prodigious profits, a whopping 98% of people in low-income countries remain unvaccinated, according to the People’s Vaccine Alliance Africa (PVA) and the African Alliance. The organization added that while Pfizer and BioNTech had delivered less than 1% of their supply to low-income nations, Moderna had done even worse, meting out just 0.2% of its own supplies to low-income nations.
“Pfizer, 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,” the African Alliance’s Maaza Seyoum told MedicalXpress on Tuesday. While AstraZeneca and Johnson & Johnson were more successful in distributing their jabs on a not-for-profit basis, they plan to wind down that arrangement in the near future, foreseeing an end to the Covid-19 pandemic.
The PVA has called for Big Pharma to temporarily suspend intellectual property rights regarding Covid-19 vaccines, waiving intellectual property rights under a World Trade Organization agreement, but wealthy nations like Germany and the UK have blocked that move.