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
Running through middle age can keep brain healthy and neurons wired: study
Exercising as you age can help maintain memory and fight cognitive decline, according to a new study.
Prediabetes: The younger you are, the higher the risk of dementia
People who develop prediabetes when they’re younger are likely to have a higher risk for dementia in later life, a new U.S. study has found.
GOP-controlled Texas House impeaches Republican Attorney General Ken Paxton, triggering suspension
Texas' Republican-led House of Representatives impeached state Attorney General Ken Paxton on Saturday on articles including bribery and abuse of public trust, a sudden, historic rebuke of a GOP official who rose to be a star of the conservative legal movement despite years of scandal and alleged crimes.
Hamilton police ask residents to shelter after barricaded man involved in double homicide fires shots
Police in Hamilton, Ont. are dealing with a barricaded person who they say is involved in the deaths of two people.
Team Canada hockey players Marie-Philip Poulin and Laura Stacey engaged
Celebrated Team Canada hockey players Marie-Philip Poulin and Laura Stacey have announced their engagement.
Attorney for 11-year-old Mississippi boy shot by police says there's 'no way' he could have been mistaken for an adult
An attorney for an 11-year-old Mississippi boy who was shot by a police officer after he called 911 for help said Thursday there was 'no way' the boy could have been mistaken for an adult.
Killer whales wreck boat in latest attack off Spain
Killer whales severely damaged a sailing boat off the coast of southern Spain, the local maritime rescue service said on Thursday, adding to dozens of orca attacks on vessels recorded so far this year on Spanish and Portuguese coasts.
Scientists identify polar cyclone swirling on mysterious Uranus
It is a world wrapped in mystery - the seventh planet from the sun, Uranus, seen up close just once nearly four decades ago by a passing NASA probe and still warily guarding its secrets.
Mexican authorities make arrest in mid-May killing of Quebec man at seaside town
Mexican authorities say they've made an arrest in the killing of a Quebec man earlier this month in the Pacific coast beach town of Puerto Escondido. The Oaxaca state attorney general says in a statement issued Friday that an arrest warrant was executed for a man in Puerto Escondido identified only by his initials in connection with the homicide of Victor Masson.
Canada
-
Hamilton police ask residents to shelter after barricaded man involved in double homicide fires shots
Police in Hamilton, Ont. are dealing with a barricaded person who they say is involved in the deaths of two people.
-
Mexican authorities make arrest in mid-May killing of Quebec man at seaside town
Mexican authorities say they've made an arrest in the killing of a Quebec man earlier this month in the Pacific coast beach town of Puerto Escondido. The Oaxaca state attorney general says in a statement issued Friday that an arrest warrant was executed for a man in Puerto Escondido identified only by his initials in connection with the homicide of Victor Masson.
-
Animal advocates call for alternatives to coyotes, foxes in Ontario dog training areas
Advocates are hoping the Ontario government will consider alternatives to the use of wild animals in off-leash dog areas for the purpose of tracking as officials push forward with a proposal to expand training areas in the province.
-
Meet Diandra D'Alessio, the Montrealer who won Jeopardy! Friday night
Who is Diandra D'Alessio? She's a Montrealer, a technical writer, a history lover -- and she's last night's Jeopardy winner. The self-proclaimed trivia buff made it out on top with $3,299 under her belt.
-
Vancouver man, 63, dies while attempting to fulfil dream of summiting Mount Everest
A Vancouver man died while attempting to fulfill his life-long dream of summiting Mount Everest, his family and colleagues confirm.
-
Investigation underway outside Ontario daycare after missing child found dead
A child was found dead after going missing from an Ontario town on Thursday night.
World
-
Biden, GOP reach debt ceiling deal with 2-year agreement work requirements
President Joe Biden and House Speaker Kevin McCarthy reached an 'agreement in principle' late Saturday as they raced to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline, the House speaker said.
-
GOP-controlled Texas House impeaches Republican Attorney General Ken Paxton, triggering suspension
Texas' Republican-led House of Representatives impeached state Attorney General Ken Paxton on Saturday on articles including bribery and abuse of public trust, a sudden, historic rebuke of a GOP official who rose to be a star of the conservative legal movement despite years of scandal and alleged crimes.
-
Attorney for 11-year-old Mississippi boy shot by police says there's 'no way' he could have been mistaken for an adult
An attorney for an 11-year-old Mississippi boy who was shot by a police officer after he called 911 for help said Thursday there was 'no way' the boy could have been mistaken for an adult.
-
Iran exchanges heavy gunfire with Taliban on Afghan border, escalating tensions over water rights
The Taliban and Iran exchanged heavy gunfire Saturday on the Islamic Republic's border with Afghanistan, killing and wounding troops while sharply escalating rising tensions between the two countries amid a dispute over water rights.
-
Officials: UN chief 'shocked' by letter from Sudan's military ruler demanding removal of UN envoy
The United Nations Secretary-General Antonio Guterres was 'shocked' by a letter from Sudan's military ruler, demanding the removal of the UN envoy to the country, Sudanese and UN officials said Saturday.
-
Systems error affecting electronic gates leaves travellers to U.K. waiting for hours
Travellers arriving in the U.K. faced hours-long delays Saturday after a technical problem shut electronic border gates at airports across the country, forcing everyone to have their passports checked manually on what was expected to be one of the busiest travel weekends of the year.
Politics
-
Feds warned about risks of delaying 24 Sussex decision almost a year before it closed
Almost a year before the closure of 24 Sussex Drive due to disrepair and an infestation of rodents, the chairman of the National Capital Commission's board of directors warned that further delaying a cabinet decision on the fate of the residence would put the whole structure at risk.
-
Is it time for a cabinet shuffle? Political strategists weigh in
With just four weeks left until the House of Commons breaks for the summer, the weekly panel of political strategists on CTV's Question Period says it's likely time for the prime minister to shuffle his cabinet.
-
Special rapporteur Johnston asked to testify before MPs on foreign interference report
MPs have reissued an invitation for special rapporteur David Johnston to testify before a parliamentary committee studying foreign interference, by June 6.
Health
-
Running through middle age can keep brain healthy and neurons wired: study
Exercising as you age can help maintain memory and fight cognitive decline, according to a new study.
-
Prediabetes: The younger you are, the higher the risk of dementia
People who develop prediabetes when they’re younger are likely to have a higher risk for dementia in later life, a new U.S. study has found.
-
More Canadians are experiencing allergies due to climate change, experts say
Allergies in both children and adults have definitely been on the rise over the last several years, much of the rise in allergies and asthma 'can be directly linked to climate change,' experts say.
Sci-Tech
-
Scientists identify polar cyclone swirling on mysterious Uranus
It is a world wrapped in mystery - the seventh planet from the sun, Uranus, seen up close just once nearly four decades ago by a passing NASA probe and still warily guarding its secrets.
-
Egypt unearths mummification workshops, tombs in ancient burial ground
Egypt unearthed human and animal mummification workshops as well as two tombs in the ancient burial ground of Saqqara, officials said on Saturday, marking the latest in a string of discoveries that the country hopes can help revive its vital tourism industry.
-
France confirms bird flu vaccination after favourable tests
France confirmed its aim to launch a vaccination program against bird flu in the autumn after results from a series of tests on the vaccination of ducks showed 'satisfactory effectiveness,' the farm ministry said.
Entertainment
-
'Anatomy of a Fall' wins Palme d'Or at Cannes Film Festival
Justine Triet's 'Anatomy of a Fall' won the Palme d'Or at the 76th Cannes Film Festival in a ceremony Saturday that handed the festival's prestigious top prize to a twisty French Alps courtroom drama.
-
Danny Masterson rape retrial deliberations drag on more than 6 days, will resume next week
Jurors have deliberated for more than a week without reaching a verdict in the rape retrial of "That '70s Show" star Danny Masterson, and will have to return and resume talks after the long holiday weekend.
-
Meet Diandra D'Alessio, the Montrealer who won Jeopardy! Friday night
Who is Diandra D'Alessio? She's a Montrealer, a technical writer, a history lover -- and she's last night's Jeopardy winner. The self-proclaimed trivia buff made it out on top with $3,299 under her belt.
Business
-
Can't afford your mortgage? Here's what you need to know before you sell your home
Mortgage delinquencies are expected to rise by more than one-third of current levels over the next year, according to some economists. If you anticipate being unable to make your payments and decide to sell your home, here's what an expert says you should consider.
-
StatCan report casts clouds on claims of a widespread labour shortage in Canada
A new report is casting doubt on the idea that Canada is facing a widespread labour shortage and bolsters the arguments by some labour economists that high job vacancies aren't due to a shortage of workers.
-
As Elizabeth Holmes heads to prison for fraud, many puzzle over her motives
As Elizabeth Holmes prepares to report to prison next week, the criminal case that laid bare the blood-testing scam at the heart of her Theranos startup is entering its final phase.
Lifestyle
-
No winning ticket sold for Friday's $60 million Lotto Max jackpot
There was no winning ticket sold in Friday's Lotto Max $60 million draw.
-
'I walk every day': New Brunswick outdoorsman proves age is just a number
Bill Mayo isn’t letting age keep him from doing what he loves. This weekend the 90-year-old is taking on a 42-kilometre walk as part of the Moncton Outdoor Enthusiasts' 40th anniversary.
-
Dishwasher tips for cleaning better, more efficiently
TikTok cleaning influencer Melissa Pateras says few people know how to clean their dishwasher filter, which could be the culprit to musty smelling plastic.
Sports
-
Undefeated Leona Maguire advances to LPGA Match Play semifinals
Leona Maguire won two more matches Saturday at Shadow Creek to advance to the semifinals in the Bank of Hope LPGA Match Play.
-
Luis Castillo strikes out 10 as Seattle Mariners beat Pittsburgh Pirates 5-0
Luis Castillo struck out 10 in six crisp innings, and the Seattle Mariners beat the Pittsburgh Pirates 5-0 on Saturday.
-
Wheeler strikes out 12 as Philadelphia Phillies top Atlanta Braves 2-1
Zack Wheeler struck out 12 in eight shutout innings, and the Philadelphia Phillies beat Charlie Morton and the Atlanta Braves 2-1 on Saturday.
Autos
-
Le Mans 24-hour race to include hydrogen-powered vehicles starting in 2026
The 24 Hours of Le Mans, the world's most famous endurance race, will be open to hydrogen-powered cars starting in 2026, Pierre Fillon, the president of the Automobile Club de l'Ouest, said Saturday.
-
Company refuses to recall millions of airbag inflators after deaths in Canada and U.S.
A Tennessee company is refusing demands from U.S. regulators to recall millions of vehicles due to airbag inflators that can explode and shoot shrapnel into drivers. While cases are rare, there has been at least one death in Canada, where officials lack the authority to demand a similarly sweeping recall.
-
Verstappen takes pole for Monaco Grand Prix ahead of Alonso as Perez crashes
Defending Formula One champion Max Verstappen produced a superb final lap to take pole position at the Monaco Grand Prix on Saturday and deny Aston Martin veteran Fernando Alonso his first pole in 11 years.
