Article 69KGE Moderna CEO Defends Pricing Plans for Covid-19 Shot

Moderna CEO Defends Pricing Plans for Covid-19 Shot

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Moderna Chief Executive Stephane Bancel pushed back against criticism of the company's pricing plans for its Covid-19 vaccine at Wall Street Journal Health Forum. From the report: U.S. politicians including Sens. Bernie Sanders (I., Vt.), Elizabeth Warren (D., Mass.) and Peter Welch (D., Vt.) have questioned the company's strategy around commercial pricing, which could be unveiled in the coming months. Moderna received funding from the U.S. government related to development of its Covid-19 vaccine. The chief executive said the company's mRNA platform was funded by investors, not the government, and the public funding accelerated development of the vaccine. "We didn't get a penny,a Mr. Bancel said of Moderna's fundraising efforts, adding that the company unsuccessfully sought funding in the first half of 2020 from countries and foundations to help with manufacturing. He said a company plant was built before the pandemic by private funding. Moderna has said it is considering pricing its Covid-19 vaccine in a range of $110 to $130 a dose in the U.S. when it shifts from government contracting to commercial distribution of the shots. Mr. Bancel on Monday declined to say what the price will be. He said the company has plans so that the vaccine won't cost anything to individuals. After promising early-stage data of the shot came out, Moderna raised money, which it put toward manufacturing doses of the vaccine, still without knowing whether it would work, Mr. Bancel said. The company worked with suppliers to increase manufacturing, he said.

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