Pfizer will sell its Covid antiviral drug Paxlovid for $1,400 for a five-day course, according to the Wall Street Journal. This is nearly triple what the U.S. government paid for it.
Earlier this week, Pfizer announced that profits had plummeted and the company will be forced to conduct layoffs in early 2024 as well as cut costs by at least $3 billion per year. Could this price hike for Paxlovid be a response to that?
“Pricing for Paxlovid is based on the value it provides to patients, providers, and health care systems due to its important role in helping reduce Covid 19-related hospitalizations and deaths,” a Pfizer spokeswoman said about this price increase.
Value? The evidence of the efficacy of Paxlovid is not proven.