AstraZeneca will make profits from Covid Vax

London: Britain’s vaccine maker AstraZeneca has said it will stop providing its COVID vaccine co-developed with Oxford University to countries that can afford it.

The drugs giant has signed a series of for-profit agreements for the next year, which are expected to generate modest profits, the BBC reported.

The company had already said that it will not make profits from the vaccine until the Kovid epidemic comes down to a low level.

But now the disease is becoming endemic, said Pascal Soriot, chief executive officer.

However, the jab will continue to be supplied on a non-profit basis to poorer countries.

Pascal said the virus is becoming endemic which means we have to learn to live with it.

He said that we started it to help. It’s not something we see as a big profit maker while other competitors are making a lot of profit.

Soriot said he had absolutely no regrets and said the company’s vaccines have saved millions of lives around the world.

Soriot said that I do not regret it at all. We are proud of our impact as a company. We have saved lakhs of people from hospitalisation. The AstraZeneca team is doing a great job.

Soriot said there will be pricing for countries to make sure the vaccine is affordable.

By the end of the year, AstraZeneca also hopes to supply 250 million doses of its vaccine to the Kovax program for developing countries.

The BBC report said a typical profit margin in the drugs industry is around 20 percent, but Soriot said that AstraZeneca, which charges around $5 a shot for a Covid vaccine at cost price, would not make as much profit. .

AstraZeneca said in its latest financial results that the company now expects the company to turn the vaccine into modest profitability as new orders are received.

first published:Nov. 13, 2021, 6:42 p.m.


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