Fifty Cents, Nine Hundred Dollars, Eighteen Billion Dollars discussed on Intelligence Squared U.S. Debates
The risk is actually taken on by the by the public because so much Investment was made by public into product development and clinical trials and then once the products come to market. We know that this is likely to be. And is already proven to be a very lucrative market where the companies are more than earning back those additional research dollars that they put in so for example modern it is projected to make eighteen billion dollars this year from its sales visor and biontech working in partnership are expecting sales between fifteen billion thirty billion dollars and then we have johnson and johnson and then we have astrazeneca. We have novak's we have other vaccines that are coming on board as well. Not not to mention. The chinese and russian vaccine says well there are lots of lots of money to be made and we know that some of the prices are quite high. We know for example that the biontech product is nine hundred dollars and fifty cents per dose thirty nine dollars for for course vaccination And there are estimates that the cost of production is much much lower than that dispute about how much it is but One one university group it said could be two three dollars the undisclosed profit price that pfizer has promised in negotiation with kovacs Are estimated between six and seven dollars and so there are significant markups in the in the already in also i would mention which spicer said which is once they get beyond the pandemic Acute phase in the us and europe. They may well raise their backseat price. To as much as one hundred fifty or one hundred seventy five dollars. Let me take it back to thomas than the part of your argument that i'd like to hear your response to thomas is The argument that because public money was involved in the development of these vaccines that the the notion that the companies therefore get to own the patents fully an outright and to earn whatever profits. Come their way is not justified in this particular case. So this is separate from the issue of the degree of the emergency out there but just the structure of the deal. Let's put it that way. that there seems to be something unfair or unjust about the company's having the ability to benefit fully from the sales when the investment was not fully. There's but you response to that the chew adams which we really need to bear in mind here on the one hand the head impact millions of lives lost because of covid nineteen Huge economic impact. The imf chief economist estimated to cost of pandemic at free hundred and seventy five billion dollars per month. Many look at the back stains impact back sins effectiveness in terms of return on investment. I think this is probably the best public health. Investment world sever ask therefore you really need to compare the cost of dynamic with high watch benefit from having backseats having said that dean's Early onset is is not businesses usually ivy cooler year Beinart could stated travel. I came to your can dive onto the get vaccinated against shingles because vaccine is not yet available in my country i painted by fiance dollars for a shingles vaccination and you need to those here. We talk about you know on the higher end of the nineteen to twenty dollars per those we talk about the oil companies offering low crisis for this curve x partnership countries in the world. And then you look at the investment in these accents it's really. It's a fraction. Compared to the benefit we get seeing the light at the end of the tunnel of the economic impact. But i think something is. Research needs to be bowling. Mind one is modano. Biontech are not the same as faisal faisal. For example publicly said from the beginning we do not want all the money to asterisk to head We invest three sky says but at the same time they will commit to sending the back since socially responsible christ when you look at vice star compared to It hasn't benefited from deir huge success. Who is expected ninety five percents vacancy of covid nineteen vaccine on top of vase. Safe by Not today from ballgame because until twenty nine thousand nine hundred. Snow looked at the annual reports of birth of the companies. You had lots of frisks you had tries and you didn't have seamless Yet from down on bio intech. Day disservices Year investments in technology. Which is ready to become a game changer for all of us and we usually impactful fulfilled to endemic preparedness. If he don't take the incentives way which made those sponsor false brook tiana respond again. The evidence is that a great deal of the imaginary technology Background scientific research was funded by the nih. And and and again yes which is true of which is true of not just this vaccine but is that academic And government investment in research is is often something that ultimately is fed into the development of pharmaceutical products. Certainly i mean that's the basic scientific research but this was specific investments in the minority technology platform in part because many of the major companies had walked away from vaccines. They start. there's certainly coming back and some of them are running back right now but also there are some of the more expensive axes like the shingles vaccine and a couple of others that initially attractive to companies. I guess i want to the Hop back on on. Maybe a couple a couple issues. I think i think one of the things that thomas and i would disagree with is is is the industry Justified in giving such preferential access to rich countries so to me there are three problems with with the ip system that we allowed to continue and for folks to understand ip system. You're referring to intellectual property. Intellectual property were right which would be patents and trade secrets just pans but also trade secrets and that it does get the that the limbic supply. Now i agree with. Thomas has been investments and contract manufacturing. And there's more supply than.