Moderna CEO Bancel Cites Declining COVID-19 Vaccine Demand as Reason for Fourfold Price Increase
As the Biden Administration transitions Covid-19-related costs to public and private markets, Moderna is increasing its vaccine price from $26 to $130 per dose.
Moderna CEO Stéphane Bancel cited lower consumer demand as one reason for the company's quadrupling of its Covid-19 vaccine's list price during a Senate hearing. Bancel argued that the price hike is necessary due to distribution costs, supply chain issues, and a 90% anticipated reduction in vaccine demand. However, critics argue that the price increase is problematic and points to issues in the commercial vaccine market.
Although the price increase will not directly affect most Americans, insurers and pharmacy benefit managers will bear the cost, potentially leading to higher premiums. The price increase would make the vaccine cost-ineffective for low-risk groups, raising questions about the justification for the price hike and suggesting the need for stratified sub-populations when calculating a product's value.
Reference: Moderna’s CEO Bancel Suggests That Lower Demand For The Covid-19 Vaccine Is A Justification For Quadrupling Of The Price | April 6, 2023 / Forbes / Joshua Cohen
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