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
Canadians want revenge on Bernardo, but that's not how prison works: ex-official
One of the architects of the law that governs Canada's prison system says it's understandable people want revenge on killer and serial rapist Paul Bernardo, but that's not what the prison system is designed for.
Prince Harry back in court for second day of grilling over U.K. tabloid claims
Prince Harry was back in the witness box at the High Court in London on Wednesday for a second day of grilling over his allegations that British tabloids targeted him with phone-hacking and other unlawful behaviour.
Bank of Canada to announce interest rate decision this morning
The Bank of Canada is set to announce its interest rate decision this morning as speculation about another rate hike heats up.
Canadian forest fire centre responds to unprecedented wildfire season
With 415 active wildfires across the country as of Tuesday afternoon, and 238 were considered out of control, it has meant long hours for people working at the Canadian Interagency Forest Fire Centre trying to figure out where firefighters and equipment are needed most at any given time.
'An ounce of prevention is worth a pound of cure': Experts say a national fire service could help battle wildfires
During a record-setting wildfire season, experts say prevention of more disasters is important, citing a Canada-wide fire service could help mitigate blazes.
Pope Francis to undergo intestinal surgery under general anesthesia
Pope Francis went to the hospital Wednesday to undergo abdominal surgery to treat an intestinal blockage, two years after he had 33 centimeters (13 inches) of his colon removed because of an inflammation and narrowing of the large intestine.
Tim Hortons to launch credit card through mobile rewards app
Tim Hortons is launching a credit card that can be used through its mobile app, the latest move into an increasingly competitive rewards space.
5 things to know for Wednesday, June 7, 2023
Special Rapporteur David Johnston will launch foreign interference hearings in July, travellers from 13 more countries are now eligible to visit Canada without a visa, and rent across Canada climbs.
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.
Canada
-
Bank of Canada to announce interest rate decision this morning
The Bank of Canada is set to announce its interest rate decision this morning as speculation about another rate hike heats up.
-
Quebec wildfires: Town of Chibougamau declares state of emergency, orders immediate evacuation
The entire town of Chibougamau, in central Quebec, was told to evacuate Tuesday evening as wildfires prompted officials to declare a state of emergency.
-
Canadian forest fire centre responds to unprecedented wildfire season
With 415 active wildfires across the country as of Tuesday afternoon, and 238 were considered out of control, it has meant long hours for people working at the Canadian Interagency Forest Fire Centre trying to figure out where firefighters and equipment are needed most at any given time.
-
Union for thousands of B.C. port workers to hold strike vote
A global trade analyst says a potential strike for more than 7,000 terminal cargo movers in ports throughout British Columbia could have dire consequences for not only the Canadian economy, but globally as well.
-
Emergency orders expanded in northeast Ont. due to forest fires, evacuation west of Sudbury
While firefighters get more forest fires under control in northern Ontario, travel restrictions declared under an emergency order are being expanded in several communities, including immediate evacuation orders for an area west of Sudbury.
-
Canadians want revenge on Bernardo, but that's not how prison works: ex-official
One of the architects of the law that governs Canada's prison system says it's understandable people want revenge on killer and serial rapist Paul Bernardo, but that's not what the prison system is designed for.
World
-
Looking back on the last time a senior British royal testified in court - in the 19th century
When Prince Harry entered the witness box in his lawsuit against the publisher of the Daily Mirror, he became the first senior member of the Royal Family to testify in court since the late 19th century.
-
U.K. police motorcyclist under criminal investigation over royal escort crash
A British police motorcyclist faced a criminal investigation Tuesday over the death of a woman who was struck in a collision with the officer's vehicle, which was escorting Sophie, the Duchess of Edinburgh, at the time.
-
A Black mother of 4 was shot and killed by a neighbour. Her family wants the woman who shot her arrested
A mother of four was shot and killed in Florida following a longtime feud with a neighbour who had complained about the victim’s children playing outside, authorities and a family attorney said.
-
2 dead in shooting after high school graduation ceremony in Virginia capital
Seven people were shot, two fatally, when gunfire rang out Tuesday outside a downtown theater in Richmond, Virginia, where a high school graduation ceremony had just ended, causing hundreds of attendees to flee in panic, weep and clutch their children, authorities and witnesses said.
-
Gun-related deaths reached record levels in the U.S. in 2021, report says
The gun violence epidemic in the United States was deadlier than ever in 2021, according to a new report from the Johns Hopkins Center for Gun Violence Solutions.
-
Christie goes after Trump in presidential campaign launch, calling him a 'self-serving mirror hog'
Former New Jersey Gov. Chris Christie wasted no time going after Donald Trump while launching his presidential campaign on Tuesday, calling the former president and current Republican primary front-runner a "lonely, self-consumed, self-serving mirror hog" and arguing that he's the only one who can stop him.
Politics
-
Johnston to launch foreign interference hearings in July, calls allegations of bias 'quite simply false'
Canada's special rapporteur on foreign interference David Johnston calls the allegations swirling around his objectivity 'quite simply false,' and said Tuesday he plans to push ahead with his work, launching public hearings next month
-
Global News defends reporting in face of Han Dong lawsuit
Global News and its parent company Corus Entertainment say in response to a lawsuit filed by Han Dong that their reporting about the Toronto MP was based on a detailed investigation involving multiple sources.
-
Supporters of slain mining activist take case against Canada to international body
Family and supporters of a Mexican activist who was killed after opposing a Canadian company's mining project are taking their case to an international human rights body.
Health
-
Honolulu police: 2 dead after suspected mass overdose of fentanyl
Two people died in what officials believe was a mass fentanyl overdose over the weekend involving five people in a hotel room in the Hawaii tourist mecca of Waikiki.
-
Recalled pillows linked to 10 infant deaths still being sold on Facebook Marketplace, U.S. agency says
Federal safety regulators are urging consumers to stop using baby pillows that have been linked to 10 infant deaths but are still being sold on Facebook Marketplace, despite being recalled two years ago.
-
Using melatonin for sleep is on the rise, study says, despite potential health harms
More and more adults are taking over-the-counter melatonin to get to sleep, and some may be using it at dangerously high levels, a study has found.
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.
-
Canadian military joined recent U.S. forum on UFOs; Pentagon trying to identify 'metallic' orbs
The Canadian military has confirmed it participated in a May 2023 forum for Five Eyes intelligence partners that was held by the director of the Pentagon's UFO research program.
Entertainment
-
Astrud Gilberto, singer of 'The Girl from Ipanema,' dead at 83
Astrud Gilberto, the Brazilian singer, songwriter and entertainer whose off-hand, English-language cameo on 'The Girl from Ipanema' made her a worldwide voice of bossa nova, has died at age 83.
-
Oscar-winner Cuba Gooding Jr. settles civil sex abuse case, averting trial
Just as a trial was to begin, it was revealed Tuesday that Cuba Gooding Jr. has settled accusations that he raped a woman in a New York City hotel a decade ago, according to court records. The actor had insisted through lawyers that his encounter with the woman was consensual after the two met at a nearby restaurant.
-
Hollywood actors guild votes to authorize strike, as writers strike continues
Actors represented by the Hollywood union SAG-AFTRA voted Monday evening to authorize a strike if they don't agree on a new contract with major studios, streamers and production companies by June 30.
Business
-
Stock market today: World stocks mixed as Wall St inches toward bull market
World shares were mixed on Wednesday after China reported trade data pointing to a further slowing of its recovery from the disruptions of the pandemic.
-
World Bank offers dim outlook for the global economy in face of higher interest rates
The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic.
-
Bottomless supply? Concerns of limited Canadian hydropower as U.S. seeks to decarbonize grid
Policymakers seeking to make the U.S. electric grid less reliant on fossil fuels have long looked north to Canada and its abundant surplus of hydropower, advocating for new transmission lines to bring more of that cheap, clean electricity south.
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.
-
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.
-
Kiefer Sutherland’s whisky brand raises more than $100,000 for N.S. wildfire relief efforts
A whisky brand co-founded by actor Kiefer Sutherland says it has raised more than $100,000 for relief efforts related to the ongoing Nova Scotia wildfires.
Sports
-
Yankees star Aaron Judge headed to injured list for 2nd time this season
Aaron Judge is headed to the injured list for the second time this season after the New York Yankees star hurt his right toe making a spectacular catch at Dodger Stadium.
-
Browns defensive players robbed of jewelry, vehicle by masked men in downtown stickup
Cleveland Browns coach Kevin Stefanski expressed relief that two of his defensive players were not physically harmed while being robbed at gunpoint by six masked men outside a downtown nightclub.
-
PGA-LIV merger shocks golf world ahead of Canadian Open
On the eve of the RBC Canadian Open, news of a merger between the PGA Tour, European Tour and LIV Golf shocked the golf world -- including one of Canada's best players.
Autos
-
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.
-
Ontario commits to cover 1/3 cost of Stellantis deal, Ford urges feds to close deal
Ontario has committed to paying a third of the cost to save a $5-billion electric vehicle battery plant in Windsor, Ont., premier Doug Ford said Thursday.
-
Ex Formula One boss Ecclestone pleads not guilty to fraud charge
Former Formula One boss Bernie Ecclestone on Tuesday formally pleaded not guilty to a fraud charge over his alleged failure to declare millions of dollars held in a trust in Singapore to Britain's government.
