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Pfizer-BioNtech COVID vaccine to employ differential pricing for different countries

"The fundamental that went into the pricing was that we make sure we make it very quickly available to everyone," said Pfizer.

twitter-logoBusinessToday.In | December 9, 2020 | Updated 22:52 IST
Pfizer-BioNtech COVID vaccine to employ differential pricing for different countries

American pharmaceutical company Pfizer has declared that for its coronavirus vaccine candidate, the company will follow differential pricing across different countries. As Pfizer aims to make the vaccine available across the world after receiving approval from the UK, the former's Indian arm has sought emergency use authorisation (EUA) from the Central Drugs Standard Control Authorization (CDSCO).

After being approved by the UK for use outside of clinical trials, Pfizer and its partner from Germany, biotechnology company BioNTech, are anticipating regulatory decisions to be taken globally with respect to vaccine distribution, and are ready to deliver vaccines as per countries' requirements.

ALSO READ: Pfizer vaccine: UK regulator allays fears after 4 Bell's palsy cases in US trials 

Justifying the differential pricing, which charges different prices for different consumers, Pfizer Inc Chairman and CEO Albert Bourla said at a virtual press conference organised by International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) on Tuesday that "the fundamental that went into the pricing was that we make sure we make it very quickly available to everyone."

Clarifying as to how exactly the pricing model by the pharma company is to be implemented, Bourla mentioned that Pfizer has a 'tier pricing'. "It is one price for the developed world based on their GDP, another price, lower for the middle-income countries, and in the low-income countries, like countries in Africa, etc we are giving it on a not-on-profit base," he added. The company is in talks with various governments for the vaccine, he added. Bourla also said the company is also working on a new formulation that will be able to avoid the -70 degree Celsius requirement and can be stored in simple refrigeration.

ALSO READ: COVID-19 vaccine: 3 out of 24,000 participants react adversely to Oxford-AstraZeneca candidate

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