*Pfizer says its coronavirus vaccines will go up as much as $130 per dose when its government contract ends.
According to the Associated Press, via PEOPLE, when new prices go into effect early next year, many will continue to receive the shot for free. People who have private health insurance or coverage through Medicare or Medicaid won’t have to pay out of pocket for the jab.
Pfizer said the price hike is due to the costs associated with switching from multi-dose to single-dose vials and commercial distribution, according to The AP.
According to the Centers for Disease Control and Prevention, 80% of the U.S. population is fully vaccinated against COVID-19, Yahoo reports.
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Angela Lukin, Pfizer’s global primary care & U.S. president, said the markup will still be below the level of “what would be considered a highly effective vaccine,” per the AP.
On Friday the pharmaceutical company said the new price of its COVID vaccine, marketed under the brand name Comirnaty, will cost between $110 to $130 per dose. Last year the drugmaker was reportedly charging the U.S. $19.50 per dose.
“There are key differences between an emergency and traditional model that increase the costs of making and distributing the COVID-19 vaccine,” Pfizer told Quartz via email.
According to the outlet, Pfizer’s US government supplies will likely run out in the first quarter of 2023. Insurance companies must cover recommended vaccines under the Affordable Care Act without charging out-of-pocket expenses.
Last year, Pfizer earned $36.78 billion in revenue from the COVID vaccine and analysts predict that the company will rack up another $32 billion this year, according to FactSet via nj.com.
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