Written bySiddhant Pandey
Moderna Inc and Merck & Co said they plan to profit from their vaccine candidates.
Since the pandemic emerged late last year, researchers have been racing to develop a new vaccine against the coronavirus, which has infected nearly 15 million worldwide.
Here are more details.
Moderna Inc and Merck & Co told a United States Congressional panel on Tuesday that they expect to profit from their vaccines once approved.
The hearing was held by members of the House energy committee's oversight panel.
Pfizer, which has taken no government money so far, has also said that it would profit from its vaccines.
The chief patient officer for Merck, Dr. Julie Gerberding, said, "We will not be selling our vaccine at cost, although it is premature for us as we're a long way from understanding the cost-basis."
Dr. Gerberding also said, "We do not expect to be able to accelerate the safety assessment," making no promises about when its product would be ready.
Neither Dr. Gerberding nor a representative from Moderna commented on the price they had in mind for their vaccines. Merck is notably lagging behind the leading vaccine candidates and is yet to begin human studies of its experiment vaccine.
Pfizer Inc has also said it plans to make profits from its vaccine. However, its Chief Business Officer John Young testified, "We recognize that these are extraordinary times and our price will reflect that."
Lawmakers also questioned if Pfizer has declined government funding to price its vaccine higher. Young said that the company declined the funding to move the vaccine faster to the clinic.
Meanwhile, AstraZeneca, Johnson & Johnson, Moderna, and Pfizer told lawmakers during the hearing that their products could be ready by late-2020 or early-2021. The four companies are testing vaccines in human clinical trials.
AstraZeneca, Johnson & Johnson, and Moderna are receiving federal funds for vaccine development.
AstraZeneca and Johnson & Johnson have said that will price their vaccines at no profit.
Love World news?
Subscribe to stay updated.