Vaccine maker Pfizer is facing accusations of pandemic profiteering as the firm’s profits double. Additionally, pharma companies are also being accused of not sharing vaccine recipes. After all, it would benefit drugmakers in poor countries to protect their citizens.
Pfizer was accused of profiting from the pandemic
In 2021, pharma giant Pfizer’s annual profits increased, doubling compared to their profits in 2020. The sale of vaccines are accounting for $36.8 billion out of $81.3 billion annual income. “2021 was a watershed year for Pfizer. Our successes in leading the fight against COVID-19 have not only made a positive difference in the world; I believe they have fundamentally changed our company forever,” stated Albert Bourla. Bourla is the Chief Executive for the pharmaceutical company.
Pharma companies and pandemic profiteering
Vaccines produced by Pfizer, Moderna, and AstraZeneca are critical for saving lives. However, campaigners are accusing the result to be the result of ‘pandemic profiteering’. The vaccine maker’s revenue is more than the GDP of most nations according to Global Justice Now. They are also accusing the company of ripping off public health systems. Additionally, people are accusing vaccine companies of not sharing their vaccine recipes. After all, it can help poorer countries produce alternatives and help in protecting their people. Global Justice Now also pointed out that BioNTech invented the Pfizer vaccine for covid using $114 million funding from the European Investment Bank. They also got a $428 million grant from the German government.
“mRNA vaccines should have revolutionized the global Covid response, but Pfizer is withholding this essential medical innovation from the world, ripping public health systems off for an eye-watering mark-up,” stated Tim Bierley. Bierley is a pharma campaigner for the group. Pfizer and BioNTech’s vaccine won the approval for a vaccine to fight the virus. The firm is seeing a slight reduction in revenue from the vaccine in 2022 compared to the last year. However, they are seeing a rise in revenue from Paxlovid, Pfizer’s covid-19 pill.
