Moderna CEO to Testify on COVID Vaccine Price Hike

Facts

• Stéphane Bancel, the CEO of Moderna, is scheduled to testify before the US Senate about plans to raise the price of its COVID vaccine, Sen. Bernie Sanders (D-Vt.) confirmed Wednesday.¹
• The scheduled testimony comes after Sanders in January wrote a letter to Bancel requesting Moderna not go through with its plan to quadruple the price of the vaccine when it becomes available for commercial distribution.¹
• Later on Wednesday, Moderna announced it will keep its vaccine on the market at no cost to consumers, even after the US government stops paying for it, “regardless of their ability to pay.”²
• Federal funding for the vaccine is scheduled to end May 11, when Pres. Biden’s administration lifts the public health emergency.²
• Sanders’ letter called Moderna’s initial plan to hike the price of the vaccine “outrageous” because taxpayer money, and the National Institutes of Health (NIH), were instrumental in its development. Bancel will answer questions about Moderna’s plans on March 22.³
• Moderna’s updated booster shots currently cost approximately $26. Even if Moderna decides to raise the price, the jab would still be free to people with private insurance, although premiums could be affected.⁴

Sources: ¹Reuters, ²Abc news, ³CNBC and ⁴The hill.

Narratives

• Narrative A, as provided by Washington Post. Regardless of what Moderna has announced in terms of abandoning its price-hike plan, the Senate still must play an oversight role in corporate America. Bancel, a billionaire five times over, should have to answer for any profiteering he did off the pandemic, and any plans to hike the vaccine’s price in the future.
• Narrative B, as provided by Fierce pharma. Moderna appreciates the assistance it received from the government in developing the vaccine, and it wants to do what’s fair. Bancel’s testimony will be a prime opportunity to convey Moderna’s plan to keep the jab readily available and affordable for all Americans.