Pfizer Supplies COVID-19 Vaccines at 'Cost Price' to 45 Countries Including North Korea

Targeting 23 Pharmaceuticals Including Cancer and Rare Disease Treatments

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] Global pharmaceutical company Pfizer announced plans to supply COVID-19 vaccines and other products to 45 impoverished countries, including North Korea, at 'cost price,' according to reports by AP, Reuters, and AFP on the 25th (local time).

At the World Economic Forum (WEF) held in Davos, Switzerland, Pfizer revealed plans to supply 23 of its products to impoverished countries on a non-profit basis.

Pfizer plans to initially supply low-cost products to five African countries?Rwanda, Ghana, Malawi, Senegal, and Uganda?and gradually expand the list of recipient countries. Most of the 45 target countries are African nations, and countries with very limited access to medicines such as North Korea, Syria, Haiti, and Cambodia are also included.

Angela Hwang, President of Pfizer’s Biopharmaceutical Group, told AFP, "1.2 billion people will now have access to Pfizer’s patented medicines used in the US and Europe," adding, "Some countries face significant obstacles to properly utilizing our products," and "We will apply the know-how gained from the initial implementation in five countries to the remaining countries."

The total of 23 products to be supplied includes cancer treatments, rare disease therapies, inflammatory disease treatments, and various vaccines needed to respond to infectious diseases.

Bloomberg reported that Pfizer plans to apply this approach to all its products in impoverished countries in the long term.

Pfizer is already supplying COVID-19 vaccines at cost price to some impoverished countries. The US government purchases the vaccines and distributes them free of charge to the target countries. Under this approach, Pfizer sets the price for vaccines supplied to impoverished countries at $7 (approximately 8,800 KRW) per dose, which is less than half of the US government supply price of $19.5 (approximately 25,000 KRW).

Meanwhile, Pfizer recorded sales of $37 billion (approximately 47 trillion KRW) from COVID-19 vaccines alone last year, accounting for 45.5% of its total annual sales of $81.3 billion.