Russia's COVID-19 Vaccine Priced at 12,000 Won Per Person

$10 for 2 servings per person
Could be cheaper if economies of scale are realized

[Asia Economy Reporter Onyu Lim] Russia's self-developed and world-first officially registered novel coronavirus disease (COVID-19) vaccine will be exported at a price of about 12,000 KRW per person.

Alexey Repik, CEO of Russia's major pharmaceutical company Al-Pharm, said in an interview with the Russian news channel 'Rossiya-24' on the 13th about the vaccine export price, "It will be about 10 dollars (approximately 12,000 KRW) for two doses (the amount for one person)." Repik added that if production is expanded on a large scale, the price could become cheaper.

On the 11th, President Vladimir Putin announced that Russia had officially registered the COVID-19 vaccine it developed first in the world. This vaccine was developed by the 'Gamaleya National Research Center for Epidemiology and Microbiology' under the Russian Ministry of Health, supported by the sovereign wealth fund 'Russian Direct Investment Fund' (RDIF), and received national approval abruptly after completing the phase 2 clinical trial.

The vaccine was named 'Sputnik V' after the name of the artificial satellite launched by the former Soviet Union in 1957, the first in human history. Russia plans to start vaccine production by the end of this month or early next month.

However, Western experts have raised doubts about the efficacy and safety of the Russian Sputnik V vaccine, which has not yet undergone phase 3 clinical trials.

Meanwhile, the Philippines has agreed to conduct phase 3 clinical trials of this vaccine together with Russia. Phase 3 clinical trials will be conducted simultaneously in the Philippines and Russia, and Russia will also bear the cost of the clinical trials conducted in the Philippines. Harry Roque, spokesperson for the Philippine Presidential Palace, said in a local interview, "There is a possibility that this vaccine will receive approval from the Philippine Food and Drug Administration by April next year, and then President Rodrigo Duterte will willingly be vaccinated as early as May next year."