Covid vaccines have demonstrated themselves to be highly effective, reducing the need for hospitalisation and risk of death by a massive 95%. Side effects currently reported are in fact rare, occurring in just under 0.002% of individuals compared to the mortality rate of 1.6% for the coronavirus disease itself which has resulted in the deaths of 5.17m people worldwide.
The Big Three
To date, key pharmaceutical companies and hospital supply companies have made massive profits with this trend set to continue in the years to come. One estimate during November this year calls a near $1,000 profit every second or $65,000 a minute for the three largest players Pfizer, Moderna and BioNTech. Based on company financial statements in 2021, as a whole, the three companies will make a staggering $34bn which has in itself produced at least five new billionaires. Of this $34bn Pfizer has forecast and aimed for just under half at $15bn with BioNTech forecasting $10.9bn for the year 2021.
The BioNTech-Pfizer partnered vaccines themselves cost around $39 in the US for two doses and $30 in the EU. Current projections show that the partnership will continue to rake in cash making sales of $29bn in 2022. An analysis by Barclays stated that Moderna will also see maintained sales estimating $12.2bn in 2022 and $11.4bn in 2023.
These figures do not even include the profits made by other vaccine manufacturers including Johnson & Johnson and GlaxoSmithKline. Sales forecast for Johnson & Johnson's Janssen Unit are at around $2.5bn for 2021 and GlaxoSmithKline partnered with Sanofi for it's Covid vaccine which immediately saw a deal with Washington worth $2.1bn. Any further deals and expected sales will reveal themselves fully after GSK has completed its phase III trials in the coming months. Also of note are certain setbacks these companies have had such as that in September 2021 which saw Sanofi and GSK completely drop plans for their own mRNA-based COVID-19 vaccine because of the success and dominance in the market gained by BioNTech and Pfizer, instead opting to focus on its own adjuvanted recombinant protein vaccine form. Noteworthy as well is British-firm AstraZeneca which in the first half of 2021 brought in sales of $1.2bn for its covid vaccine quickly tripling its incoming revenue on the product.
Rich or Poor
Over the past few years as the coronavirus vaccine story has unfolded from its phase I development through to approval and today's health service administration, we can now actually see that the number of vaccines being distributed and administered is disproportionately reaching the wealthy as poorer nations secured just 13% of all available doses as of mid-April this year, despite having higher burdens and of course larger population sizes. Furthermore, although donations and contributions such as 40 million doses to Covax, a multilateral partnership aimed at supplying vaccines to poor countries, this only represented a mere 2% of the 2.5bn doses that Pfizer and BioNTech are aiming to produce this year.
Oxfam's Health Policy Manager, Anna Marriott, said: “Pharmaceutical companies are holding the world to ransom at a time of unprecedented global crisis. This is perhaps one of the most lethal cases of profiteering in history.”
Debunking Myths
One of the biggest myths about the Covid vaccines is that they are not safe since they were developed too quickly and in urgent need. The fact of the matter is that the emergency situation required an emergency response, however this did not mean safety protocols were left unchecked or there wasn't sufficient testing. The safety testing includes long-term effects as well as the possibility of catching covid itself which has been confirmed as not possible as there is no 'live virus' in any of the vaccines. Even in those having side-effects from the vaccine, the most common symptoms were headaches, fatigue, or feeling flu-like with their severity being mild to moderate and lasting just a few days.
Another myth that has circulated widely is that vaccines should not be used on pregnant women. Current guidelines in countries around the world...
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