Demand for COVID-19 vaccines has dropped significantly as the public health emergency is set to end on May 11. Insurers and employers can expect sticker shock as the cost shifts from the federal government to the private sector.
The cost of the Moderna vaccine is expected to quadruple to $130 a dose when it enters the commercial market later this year. The federal government paid $26 per dose for the same vaccine during the pandemic. Rival manufacturer Pfizer has indicated that it also plans to sell its vaccine for the same price on the open market.
Moderna CEO Stéphane Bancel defended the steep price increase in testimony before the Senate Committee on Health, Education, Labor and Pensions on Wednesday. The company anticipates increased costs as it takes over distribution from the government.
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