The U.S. government will pay the companies $1.95 billion upon the receipt of the first 100 million doses, following FDA authorization or approval.
By Porges' lights, the two companies' $1.95 billion US supply deal for 100 million doses, signed Wednesday, will provide a price-point "benchmark" for other COVID-19 vaccine makers who have not yet set a price tag and will not sell their shots for zero profit. Americans will receive the drug for free, which is consistent with the government's commitment to free vaccine access for the American people.
Unlike other vaccine deals signed by the government, Pfizer and BioNTech will not collect a payment until their vaccine proves to be safe and effective in a large pivotal clinical trial expected to start this month. Additionally, 500 million more doses can be acquired - all for free to U.S. citizens.
Pfizer and BioNTech's vaccine will be made available to the American public at no cost.
In the meantime, the USA has also placed big orders for coronavirus vaccines developed by Oxford University/AstraZeneca and Novavax as part of agreements that also include clinical development funding, and has provided development funding to Johnson & Johnson and Moderna under Operation Warp Speed.
Operation Warp Speed aims to deliver 300 million doses of a safe and effective COVID-19 vaccine by January 2021.
Pfizer is collaborating with BioNTech, a German biotechnology company, to develop the vaccine without United States government financial support, the HHS said.
Well, if we are learning about a vaccine, let's take a deep look at how it can prevent people from coronavirus...
Trump said Tuesday at a briefing that "the vaccines are coming, and they're coming a lot sooner than anyone thought possible, by years". In addition to that, at least a couple of vaccine candidates from China offered the desired immune response in the first stages of trials.
The Pfizer and BioNTech vaccine is set to enter a late-stage, 30,000-person study this month.
Under the agreement, the U.S. government will pay $1.95 billion to the drug company Pfizer.
"What I also want to ensure is that there's sufficient political will and corporate courage to ensure that a vaccine is not only accessible to the patients and communities hit hardest by coronavirus but also intentionally distributed to them as well", Kennedy said.
Britain announced Monday it had secured access to another 90 million experimental COVID-19 vaccines made by Pfizer and others, a move some campaigners warned could worsen a global scramble by rich countries to hoard the world's limited supply of COVID-19 vaccines. "By signing up and participating in important clinical studies, together we can speed up the search for a vaccine and end the pandemic sooner". "We'll see what that means", Schakowsky said.
The FDA already granted two BioNTech vaccine candidates Fast Track designation in light of the United States trial results.
"Hopefully, the approval process will go very quickly", Trump said about getting the initial batch of 100 million vaccines.