Skip to main content

Pfizer, BioNTech and Moderna making $1,000 profit every second while world’s poorest countries remain largely unvaccinated

Demand grows for firms to share vaccine recipes and technology as billionaire pharma bosses convene for ‘Big Pharma Davos’
 
 
New figures from the Peoples Vaccine Alliance reveal that the companies behind two of the most successful COVID-19 vaccines —Pfizer, BioNTech and Moderna— are making combined profits of $65,000 every minute. The figures based on the latest company reports are released as CEOs from pharmaceutical industry meet for the annual STAT summit —the equivalent of a ‘Big Pharma Davos’— from 16-18 November.

These companies have sold the majority of doses to rich countries, leaving low-income countries out in the cold. Pfizer and BioNTech have delivered less than one percent of their total vaccine supplies to low-income countries, while Moderna has delivered just 0.2 percent. Meanwhile 98 percent of people in low income countries have not been fully vaccinated.

Maaza Seyoum of the African Alliance and People’s Vaccine Alliance Africa said:  “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.

Pfizer, BioNTech and Moderna have used their monopolies to prioritise the most profitable contracts with the richest governments, leaving low income countries out in the cold.” 

Despite receiving public funding of over $8 billion, the three corporations have refused calls to urgently transfer vaccine technology and know-how with capable producers in low- and middle-income countries via the World Health Organisation (WHO), a move that could increase global supply, drive down prices and save millions of lives. In Moderna’s case, this is despite explicit pressure from the White House  and  requests from the WHO that the company collaborate in and help accelerate its plan to replicate the Moderna vaccine for wider production at its mRNA hub in South Africa.  

While Albert Bourla, the CEO of Pfizer, described the call to share vaccine recipes ‘dangerous nonsense,’ the WHO emergency use approval of the Indian vaccine Covaxin earlier this month is clear evidence that developing countries have the capacity and expertise.

Anna Marriott, Oxfam’s Health Policy Manager said: “Contrary to what Pfizer’s CEO says, the real nonsense is claiming the experience and expertise to develop and manufacture life-saving medicines and vaccines does not exist in developing countries. This is just a false excuse that pharmaceutical companies are hiding behind to protect their astronomical profits.

It is also a complete failure of government to allow these companies to maintain monopoly control and artificially constrain supply in the midst of a pandemic while so many people in the world are yet to be vaccinated.”

Based on company financial statements, the Alliance estimates that Pfizer, BioNTech and Moderna will make pre-tax profits of $34 billion this year between them, which works out as over a thousand dollars a second, $65,000 a minute or $93.5 million a day. The monopolies these companies hold have produced five new billionaires during the pandemic, with a combined net wealth of $35.1 billion.

The People’s Vaccine Alliance, which has 80 members including the African Alliance, Global Justice Now, Oxfam, and UNAIDS, is calling for the pharmaceutical corporations to immediately suspend intellectual property rights for COVID-19 vaccines, tests, treatments, and other medical tools by agreeing to the proposed waiver of the TRIPS Agreement at the World Trade Organisation.

They are also calling on governments, including the United States, to use all their legal and policy tools to demand that pharmaceutical companies share COVID-19 data, know-how, and technology with the WHO’s COVID-19 Technology Access Pool and South Africa mRNA Technology Transfer Hub.

More than 100 nations, led by South Africa and India —with the support of the US— have been calling for the TRIPS waiver, which also has the support of over 100 past and present world leaders and Nobel laureates.

Despite this, other rich nations, including the UK and Germany, are still blocking the proposal, putting the interest of pharmaceutical companies over what’s best for the world.  This issue is set to dominate the World Trade Organisation Ministerial Summit to be held in Geneva from 30 November to 3 December. 

Source:
 
 
Full report:
 
 

Comments

Popular posts from this blog

The big fraud behind the outrageously high natural gas prices revealed

globinfo freexchange   Speaking at the Greek radio broadcaster Real FM 107,1, the Greek economist, Yanis Varoufakis, revealed the real reason behind the outrageously high natural gas prices, which can't be justified only by the war in Ukraine and Putin's actions to cut supplies to Europe.    As he pointed out, the biggest part of the rise of natural gas prices is due to the stock market games. Prices should rise by 80% at most, not 800%. The rest of this hyper-profit is because big companies have already bought quantities of natural gas for the next two years. So, they don't sell it now in order to boost its price and sell it later at much higher price.    Yet, the worst part of the story is that these financial games often create bubbles - similar to the Lehman Brothers bubble in 2008 that led to the Wall Street collapse - so we are now to the point where the German government is forced to subsidize big companies with billions, exactly because they play these risky financ

Greek ‘Watergate’: Mitsotakis’ authoritarianism cannot be tolerated anymore

Greek Prime Minister Kyriakos Mitsotakis is a “destabilising factor” for the country and citizens cannot stand his “authoritarian” attitude, senior socialist lawmaker Michalis Katrinis told EURACTIV after it was unveiled that the secret services bugged the phone of Greek socialist opposition leader and MEP Nikos Androulakis.   by Sarantis Michalopoulos   Part 2 - ‘Protecting’ the company which bought Predator   In July, the European Parliament services also found that there was an attempt to bug Androulakis’ phone with the illegal Predator spyware. A couple of months earlier, it was revealed that journalist Thanasis Koukakis was targeted by Predator, another nail in the coffin of the country’s dismal media freedom record under Mitsotakis. For Katrinis, the government is “protecting” the company that purchased the illegal surveillance spyware. “ A month after the scandal was revealed, no search has been made at the offices of the company that trades Predator, ” Katrinis said, adding tha

Day 1243: Julian Assange still in prison and under slow-motion execution by the Anglo-American imperialist criminals

failed evolution   On 11 April 2019, the Ecuadorian government of traitor Lenin Moreno, invited the Metropolitan Police into the Ecuadorian embassy in London, and they arrested Julian Assange . Since then, Assange is kept in Belmarsh high security prison in London, without actual charges.   The real reason world's number one political prisoner is still kept in this high security prison, is because he exposed horrendous war crimes carried out by the US imperialists and their allies.   The ruthless Western imperialist regime wants to punish the No1 real journalist in the world and make him an example for any Whistleblower or real journalist who will attempt to expose its big crimes in the future.   And the Anglo-American axis has now become officially a fascist coalition , framed by the rest of its Western pets. UK's Home Secretary Priti Patel, one of the most ruthless ever, decided to extradite Julian Assange to US. No surprise of course. The only question we had in mind is

Greek ‘Watergate’: Mitsotakis’ authoritarianism cannot be tolerated anymore

Greek Prime Minister Kyriakos Mitsotakis is a “destabilising factor” for the country and citizens cannot stand his “authoritarian” attitude, senior socialist lawmaker Michalis Katrinis told EURACTIV after it was unveiled that the secret services bugged the phone of Greek socialist opposition leader and MEP Nikos Androulakis.   by Sarantis Michalopoulos   Part 1   The Greek “Watergate” as described by international media caused a political earthquake in the Mediterranean country, sparking resignations from the prime minister’s secretary general and nephew, Grigoris Dimitriadis and secret services chief Panagiotis Kontoleon. “ Also, the resignation of the PM’s nephew and closest associate raises many questions since it was not done for reasons of avoiding the toxic atmosphere, as was initially said. The sacrifice of Mr. Dimitriadis probably hides a lot and remains to be investigated, ” Katrinis noted. Mitsotakis, however, is hanging on for dear life. “ Mitsotakis is now a destabilising f

Liz Truss: worse than Margaret Thatcher?

failed evolution UK ruined the opportunity to elect one of the best PMs that would really work for the people: Jeremy Corbyn. Instead, the country got now one of the worst PMs ever: Liz Truss.

The Queen and her legacy: 21st century Britain has never looked so medieval

by Jonathan Cook   Part 1   Anyone in the UK who imagined they lived in a representative democracy – one in which leaders are elected and accountable to the people – will be in for a rude awakening over the next days and weeks. TV schedules have been swept aside. Presenters must wear black and talk in hushed tones. Front pages are uniformly somber. Britain’s media speak with a single, respectful voice about the Queen and her unimpeachable legacy. Westminster, meanwhile, has been stripped of left and right. The Conservative, Liberal Democrat and Labour parties have set aside politics to grieve as one. Even the Scottish nationalists – supposedly trying to rid themselves of the yoke of centuries of English rule presided over by the monarch – appear to be in effusive mourning.  The world’s urgent problems – from the war in Europe to a looming climate catastrophe – are no longer of interest or relevance. They can wait till Britons emerge from a more pressing national trauma. Domestically, t

The Chris Hedges Report: Ukraine and the crisis of media censorship

The Real News Network   Throughout the Ukraine war, Western news outlets have mindlessly parroted the opinions of a ruling elite and overseen a public discourse that is often unhinged from the real world.   Patrick Lawrence was a correspondent and columnist for nearly 30 years for the Far Eastern Economic Review, the International Herald Tribune and The New Yorker . He is the author of Somebody Else's Century: East and West in a Post-Western World and Time No Longer: America After the American Century . 

A warning from Noam Chomsky and Daniel Ellsberg

theAnalysis-news   “ It’s beyond lunacy, ” say Noam Chomsky and Daniel Ellsberg. In their 90s, the two men tirelessly fight to warn people of the need for urgent action to deal with climate change and the threat of nuclear war. Joining Paul Jay, they discuss the Treaty on the Non-Proliferation of Nuclear Weapons, the war in Ukraine, and the climate crisis.

One more Greek lawmaker files complaint over attempted phone hacking

A lawmaker in Greece's main opposition party filed a complaint with the top court's prosecutor on Friday over what he said were repeated attempts to infect his mobile phone with the Predator malware, the latest incident in a phonetapping scandal. Last month, Greek lawmakers voted in favour of setting up an inquiry commission to probe the phone tapping of a political opposition leader that led Prime Minister Kyriakos Mitsotakis to sack the head of the country's intelligence service (EYP).   The scandal over the wiretapping of Nikos Androulakis, leader of the socialist PASOK party, Greece's third-largest political party, has turned up the heat on the conservative premier who brought EYP under his control after taking office three years ago. On Friday, Christos Spirtzis, a former minister and close associate of SYRIZA party leader Alexis Tsipras, said that last November two attempts to hack his phone were made via suspicious text messages prompting him to click on links. 

Congressional Democrats shun Ukraine peace campaign

The Grayzone   Veteran antiwar activists Medea Benjamin and Tighe Berry speak to Max Blumenthal about Code Pink's new campaign for negotiations between the US and Russia over Ukraine and a halt to billions in military aid. Benjamin and Berry discuss the chilly reception their advocacy received from even some progressive Democratic members of Congress and critique "America First" Republicans that claim to oppose the Ukraine proxy war. Benjamin and Berry also discuss the state of the US antiwar movement and the arbitrary post-1/6 restrictions which prevent the public from entering the US Capitol building to lobby members of Congress.