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Vaccination

Vaccine Profiteering: A Global Health Crisis Unfolding

Strategic Insights

— 2 min read

The world's top coronavirus vaccine manufacturers, Moderna and Pfizer, are prioritizing profits over humanity, according to an analysis by the People's Vaccine Alliance, a campaign group that includes Oxfam, UNAIDS, and Amnesty International. The cost of vaccinating the global population against the pandemic may have been cheaper than what it currently is, had the companies not prioritized profiteering. Analysis of production techniques suggests that mRNA type vaccines could be made for as little as $1.20 a dose, but the companies are charging up to 24 times the potential cost of production.

Key Takeaways:

  • The CEOs of Moderna and BioNTech, Stephane Bancel and Ugur Sahin, are worth around $4 billion each, according to an analysis by the People's Vaccine Alliance.
  • Analysis of production techniques suggests that mRNA type vaccines could be made for as little as $1.20 a dose, but the companies are charging up to 24 times the potential cost of production.
  • Only 11% of COVID-19 vaccines have been administered in low-income countries, with 1% of people in low-income countries having received at least one dose, according to Our World in Data.
  • Top manufacturers, Pfizer and Moderna, have prioritized profits, contributing to the stark gap between vaccination programs in rich nations and the developing world.
  • Moderna has shipped only 8% of doses to developing nations, compared to 65% to rich countries, while Pfizer has fulfilled 14% of orders from lower-middle-income countries, but has delivered all of those from wealthy countries.
  • AstraZeneca, patronized mainly by COVAX, has delivered 80% of orders from lower-middle-income countries, while Sinovac has delivered all of its orders from such countries.
  • The People's Vaccine Alliance reported that the COVAX arrangement has struggled to get enough doses and at the speed required because of the inadequate supply and the fact that rich nations have pushed their way to the front of the queue by willingly paying excessive prices.
  • Nigeria's President, Muhammadu Buhari, condemned the current method of global distribution of vaccines, saying that "the world cannot afford the situation where a handful of countries keep the global vaccine supply to themselves at the expense of other nations."

Statistics:

  • 11 billion doses of COVID-19 vaccines are needed to fully vaccinate 70% of the world's population against COVID-19.
  • Enough doses have been administered to fully vaccinate 42.2% of the global population.
  • 80% of the doses have gone to people in high-income and upper-middle-income countries.
  • Only 1% of people in low-income countries have been given at least one dose.
  • Moderna has shipped 8% of doses to developing nations, while Pfizer has fulfilled 14% of orders from lower-middle-income countries.
  • AstraZeneca has delivered 80% of orders from lower-middle-income countries.
  • Sinovac has delivered all of its orders from such countries.

Sources:

  • People's Vaccine Alliance
  • Oxfam
  • UNAIDS
  • Amnesty International
  • Global Justice Now
  • Our World in Data
  • The New York Times
  • World Health Organization (WHO)
  • World Trade Organization (WTO)
  • Premium Times.

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