Moderna CEO defends US$130 COVID-19 vaccine price in U.S. Senate hearing
BENGALURU, India and NEW YORK -
Moderna Inc's chief executive on Wednesday defended the company's plan to quadruple the price of its COVID-19 vaccine, telling a U.S. Senate committee hearing it will no longer have the economies of scale from government procurement when the shots move into the private market.
Moderna CEO Stephane Bancel was called to testify after the company flagged plans to raise the vaccine's price to as much as US$130 per dose, drawing the ire of Democratic U.S. Senator Bernie Sanders, who chairs the influential Committee on Health, Education, Labor and Pensions (HELP).
Sanders on Wednesday asked Bancel to reconsider the price hikes, saying they could make it unaffordable for millions of Americans and were unjustified given the government's research contributions and $1.7 billion in assistance in developing the vaccine. His comments echoed his January letter to Bancel.
Bancel said Moderna's next COVID-19 shots will be more expensive because they will be sold in single-dose vials or pre-filled syringes for the commercial market versus the 10-dose vials it has sold to the government up until now.
The government in May plans to end the COVID-19 public health emergency, putting much of the vaccine purchasing in the hands of the private sector.
Bancel also said the company anticipated that it would likely make more doses than needed to ensure it had enough for the private market and had calculated wasted shots into the price.
"On top of all this, we're expecting a 90-per-cent reduction in demand," Bancel said. "As you can see, we're losing economies of scale."
Moderna in February forecast $5 billion in COVID-19 vaccine sales this year, far less than the $18.4 billion windfall in 2022, due to decreasing demand for the shots.
Sanders has for years railed against high U.S. drug prices and backed Medicare-for-all. His chairmanship of the HELP committee has further put drug companies in his crosshairs.
COVID-19 COVERAGE
CTVNews.ca Top Stories
Wildfire battles continue under heat, air quality alerts over most of Canada
The battle against hundreds of wildfires continues, as almost every jurisdiction in Canada remains under either heat or air quality warnings from the federal government. The day after what was supposed to be national Clean Air Day, dozens of alerts remain in place for unseasonable heat or smoky air quality.
Can face masks help protect you from wildfire smoke? Health expert explains
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
Supporters focus on freeing Canadian held in China amid geopolitical 'ups and downs'
A leader of the fight to secure freedom for a Canadian human-rights activist detained in China for 17 years is taking the latest diplomatic deep-freeze between Ottawa and Beijing in stride.
Documents reveal what happened inside the discord at Canada's drug-price regulator
Internal emails from the agency tasked with regulating the price of patented drugs in Canada shows discord and division was sparked by a letter from the health minister, culminating in an indefinite pause on major drug-price reforms and several resignations.
Experts worry about Canadian water bomber expertise with rising demand, aging fleets
Aviation experts say Canada is losing expertise in the manufacturing of water bombers -- just as demand for them is increasing. The Canadair CL-415, a purpose-built water bomber, was last produced in 2015.
Calgary mass killer Matthew de Grood seeks 'absolute discharge'
The man who was found not criminally responsible in the stabbing deaths of five people at a house party in Brentwood more than nine years ago is seeking more freedoms.
RBC Canadian Open teeing off amid controversy in golf world
Some of the world's top players are teeing off at the RBC Canadian Open today amid the hotly debated LIV Golf-PGA Tour controversy that shook the golf world this week.
5 things to know for Thursday, June 8, 2023
Heat or air quality warnings countrywide, new Nanos polling shows most Canadians support an inquiry into foreign interference, and the Bank of Canada hikes rates again.
UNICEF says 300 trapped children rescued from a Sudanese orphanage after 71 others died
About 300 infants, toddlers and older children have been rescued from an orphanage in Sudan's capital after being trapped there while fighting raged outside, aid officials said Thursday. The evacuation came after 71 children died from hunger and illness in the facility since mid-April.
Canada
-
Wildfire battles continue under heat, air quality alerts over most of Canada
The battle against hundreds of wildfires continues, as almost every jurisdiction in Canada remains under either heat or air quality warnings from the federal government. The day after what was supposed to be national Clean Air Day, dozens of alerts remain in place for unseasonable heat or smoky air quality.
-
Hundreds of American firefighters arrive in Canada to help battle wildfires
Hundreds of American firefighters have recently arrived in Canada to help battle wildfires and more are on the way, Prime Minister Justin Trudeau said Wednesday.
-
B.C. First Nation buys back 140-year-old robe, paying almost $40K to bring it home
A man who helped return a 140-year-old Tlingit robe to the British Columbia First Nation where it was created says it's as if the regalia called out to its people and they are bringing it home.
-
Ontario man charged with first-degree murder in killing of Claudia Iacono outside Montreal salon
An Ontario man has been charged with first-degree murder in the death of Claudia Iacono, the daughter-in-law of Mafia associate Moreno Gallo, after she was gunned down at the wheel of her car in Montreal last month.
-
Calgary mass killer Matthew de Grood seeks 'absolute discharge'
The man who was found not criminally responsible in the stabbing deaths of five people at a house party in Brentwood more than nine years ago is seeking more freedoms.
-
Bisexual women 3 times more likely to attempt suicide compared to straight women: Canadian study
In the first study of its kind to tie survey data to health records, researchers found that bisexual women were three times more likely to attempt suicide compared to heterosexual women.
World
-
Haitian inmates are dying of thirst and starvation in severely overcrowded jails
Haitian inmates are thirsty, starving and sleeping standing up because they don't have enough room to lie down. The United Nations says 185 inmates died in Haiti last year -- many of malnutrition-related diseases. This year, more than 20 have died so far.
-
Japan's denial of same-sex marriage, other LGTBQ2S+ protections looks unconstitutional, judge rules
A Japanese court ruled Thursday that the lack of legal protections for LGTBQ2S+ people appeared to be unconstitutional, in the latest ruling that may help push the country toward allowing same-sex marriage.
-
South Korean inquiry to look into 237 more foreign adoptions suspected to have laundered origins
South Korea's Truth and Reconciliation Commission said Thursday it will investigate 237 more cases of South Korean adoptees who suspect their family origins were manipulated to facilitate their adoptions in Europe and the United States.
-
Senegal's president calls for an investigation into deadly clashes, open to dialogue
Senegal's president has ordered an investigation to determine who was responsible for protests by supporters of a political opponent that turned deadly last week but said he was open to consulting with the parties involved.
-
UNICEF says 300 trapped children rescued from a Sudanese orphanage after 71 others died
About 300 infants, toddlers and older children have been rescued from an orphanage in Sudan's capital after being trapped there while fighting raged outside, aid officials said Thursday. The evacuation came after 71 children died from hunger and illness in the facility since mid-April.
-
Knife attacker injures several people, including children, in French Alpine town
An attacker with a knife stabbed several young children and at least one adult, leaving some with life-threatening injuries, in a bucolic lakeside park in a town in the French Alps on Thursday before he was arrested, authorities said.
Politics
-
Supporters focus on freeing Canadian held in China amid geopolitical 'ups and downs'
A leader of the fight to secure freedom for a Canadian human-rights activist detained in China for 17 years is taking the latest diplomatic deep-freeze between Ottawa and Beijing in stride.
-
Canadians more likely to support foreign interference inquiry than hearings: Nanos
Canadians are twice as likely to support a formal inquiry into foreign interference, as opposed to public hearings, according to new polling from Nanos Research for CTV News.
-
Canada marks Clean Air Day with worst air quality in the world, as feds consider disaster response agency
Hazy skies tinged with an eery yellow glow greeted millions of Canadians in Quebec and Ontario again Wednesday as the smoke from hundreds of wildfires continued to cause air quality warnings in Canada's most populated corridor. In a bizarre twist of fate, on a day when air quality was among the worst the country has ever seen, it was national Clean Air Day in Canada.
Health
-
'Very, very hard to breathe': Experts call wildfires a 'major public health concern' for Canada
As forest fires rage across the country, experts are sounding the alarm over the physical and psychological impacts of the wildfires and saying that they pose a serious public health issue, which individuals and governments need to acknowledge and act upon.
-
Documents reveal what happened inside the discord at Canada's drug-price regulator
Internal emails from the agency tasked with regulating the price of patented drugs in Canada shows discord and division was sparked by a letter from the health minister, culminating in an indefinite pause on major drug-price reforms and several resignations.
-
Sleep, don't scroll: Tips to avoid sleep procrastination
Being a 'sleep procrastinator' might not only make you grumpy the next day, it can put your health at risk. A sleep expert shares tips for making sure bedtime is shut-eye time.
Sci-Tech
-
See early stars form in a galaxy 20 million light-years away
The James Webb Space Telescope set its sights on a galaxy 20 million light-years away, capturing a dazzling star-forming galaxy in images streaked with the signature of passing asteroids.
-
Apple's Vision Pro goggles unleash a mixed reality that could lead to more innovation and isolation
Reporters are a skeptical bunch, so it was unusual to hear so many of them raving about their firsthand experience with Apple's next Big Thing: the high-priced headset called Vision Pro, a device infused with totally virtual reality as well as augmented reality that projects digital images on top of real-world settings.
-
George Orwell’s 'Animal Farm' to be published as AI-powered 'living book'
As artificial intelligence programs such as ChatGPT offer new tools for creativity and content creation, one company is using AI-powered software in tandem with classic literature in a way you might not expect.
Entertainment
-
Actor Jay Johnston, known for 'Bob's Burgers' character, arrested on Capitol riot charges
An actor known for his roles on the comedy television shows "Bob's Burgers" and "Mr. Show with Bob and David" was arrested Wednesday on charges that he joined a mob of Donald Trump supporters in confronting police officers during the U.S. Capitol riot, court records show.
-
Wrestling icon The Iron Sheik dead at 81
World Wrestling Entertainment legend The Iron Sheik has died. He was 81.
-
Arnold Schwarzenegger gives a guided tour of his many lives in Netflix’s ‘Arnold’
The many lives of Arnold Schwarzenegger get neatly divided into three equal parts in “Arnold,” a Netflix documentary-cum-self-led tour through his remarkable success story as bodybuilder, actor and politician, each more improbable than the other.
Business
-
Irving Oil weighing its options, including the possible sale of its assets
Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.
-
Stock market today: Global shares trade mixed following technology selloff on Wall Street
Global shares were trading mixed Thursday after heavy selling of big-name tech stocks pushed benchmarks lower on Wall Street.
-
Bank of Canada ends pause on hikes, raises policy rate by 25 basis points
The Bank of Canada raised its overnight rate by 25 basis points to 4.75 per cent on Wednesday, its first increase since pausing hikes in January.
Lifestyle
-
Two winning tickets sold for Tuesday's $70 million Lotto Max jackpot
Two lucky lottery ticket holders in British Columbia and Ontario will split the $70 million Lotto Max jackpot.
-
Montana says 1st-in-nation TikTok ban protects people. TikTok says it violates their rights
Montana became the first state in the U.S. to enact a complete ban on TikTok on Wednesday when Republican Gov. Greg Gianforte signed a measure that's more sweeping than any other state's attempts to curtail the social media app, which is owned by a Chinese tech company.
-
June is rhubarb picking time in the garden, so pucker up
Years ago, when my now-grown daughter Justine was a toddler, we visited a U-pick farm where she plucked plump, ripe strawberries from a field of sprawling plants. Some made it into the basket on that sunny June day; others went directly into her mouth.
Sports
-
MLB, WNBA postpone games due to smoke from Canadian wildfires
With the stench of smoke permeating Yankee Stadium and wafting through its walkways, Major League Baseball postponed games in New York and Philadelphia on Wednesday night because of poor air quality caused by Canadian wildfires.
-
RBC Canadian Open teeing off amid controversy in golf world
Some of the world's top players are teeing off at the RBC Canadian Open today amid the hotly debated LIV Golf-PGA Tour controversy that shook the golf world this week.
-
Texas homecoming for Griner in WNBA star's 1st game there since Russian release
Brittney Griner had a Texas homecoming, in private and on the court with the Phoenix Mercury in the WNBA star's home state six months after her release from a Russian prison.
Autos
-
Climate activists deflate tires of more than 100 SUVs in Denmark's capital
A group of climate activists claimed responsibility on Wednesday for deflating the tires of sport utility vehicles in Denmark's capital. More than 100 vehicles were vandalized, police said.
-
WATCH
WATCH | Police chase 10-year-old driver on Michigan highway
A 10-year-old driving a stolen Buick led Michigan police on a highway chase last month, newly released video shows.
-
Vehicle theft soared in 2022, led by Quebec and Ontario: report
Insurance industry group Equite Association says vehicle theft in multiple provinces surged last year. Vehicle theft was up by 50 per cent in Quebec year over year, by 48.3 per cent in Ontario, by 34.5 per cent in Atlantic Canada and by 18.3 per cent in Alberta.
