As soon as its COVID shot was approved by the U.S. FDA, Pfizer hiked the price for the drug by 400%, but at the same time assured the public that the jabs will still be “free” for anyone who wants one.
The convoluted explanation for how 400% more equals “free” was that it would be insurance companies that will be paying the price hike, not consumers. However, the drug giant, which has been boostered by federal funds for the shots, failed to consider that the extra costs will most likely be passed right back to consumers in the form of increases in insurance premiums.
David Mitchell, co-founder of the advocacy group Patients for Affordable Drugs, called the thinking “double talk.” Wells Fargo analyst Mohit Bansal said “the pricing could add around $2.5 billion to $3 billion to Pfizer's annual revenue.”
SOURCE:
Ars Technica November 21, 2022