Public Policy Affecting Business
Sen. Sanders asks Moderna not to hike COVID vaccine price
Reuters - 11 Jan, 2023
U.S. Senator Bernie Sanders sent Moderna Inc (MRNA.O) a letter this week asking the drug company to halt planned U.S. price increases on its COVID-19 vaccine, saying price hikes could make the shot unaffordable for millions of Americans.
Sanders said in his letter that raising prices would be particularly egregious after the U.S. government provided around $1.7 billion to fund development of the vaccine. The letter was addressed to Moderna Chief Executive Stephane Bancel.
Energy stocks (.SXEP) gained 0.8% on Tuesday as oil prices rose after the International Energy Agency said it expects an increase in gas-to-oil switching due to high prices this winter.
"You propose to make the vaccine unaffordable for the residents of this country who made the production of the vaccine possible," wrote Sanders, who is set to become chairman of the Senate's Health, Education, Labor and Pensions later this month. "That is not acceptable."
Moderna has not settled on a price yet, but Bancel has said that a range of $110 to $130 a dose for the vaccine once the United States moves to a commercial market for the shots is reasonable given the value they create.
U.S. Senator Bernie Sanders sent Moderna Inc (MRNA.O) a letter this week asking the drug company to halt planned U.S. price increases on its COVID-19 vaccine, saying price hikes could make the shot unaffordable for millions of Americans.
Sanders said in his letter that raising prices would be particularly egregious after the U.S. government provided around $1.7 billion to fund development of the vaccine. The letter was addressed to Moderna Chief Executive Stephane Bancel.
Energy stocks (.SXEP) gained 0.8% on Tuesday as oil prices rose after the International Energy Agency said it expects an increase in gas-to-oil switching due to high prices this winter.
"You propose to make the vaccine unaffordable for the residents of this country who made the production of the vaccine possible," wrote Sanders, who is set to become chairman of the Senate's Health, Education, Labor and Pensions later this month. "That is not acceptable."
Moderna has not settled on a price yet, but Bancel has said that a range of $110 to $130 a dose for the vaccine once the United States moves to a commercial market for the shots is reasonable given the value they create.