"Pfizer agreed to front BioNTech’s development costs and manage the clinical trials, manufacturing and distribution. BioNTech agreed to pay Pfizer back out of any profits, which would be split." nytimes.com/2020/11/21/us/…
"The government was ready to foot much of the development bill, guide the clinical trials and even deliver supplies to factories.

Dr. Bourla was not interested. As one of the world’s top vaccine producers, Pfizer did not need federal help in developing a new product"
"Pfizer signed a $1.95B agreement in July to sell the federal government 100 million doses of its vaccine if it was successful, guaranteeing it a buyer... It also called on the Trump administration a few times to get access to manufacturing supplies. Otherwise it was on its own."
"Both Pfizer and Moderna were facing the problem of too few minority volunteers, but Pfizer had the deep pockets to solve it. The firm expanded its trial from 30,000 to 44,000, a decision... estimated cost the firm hundreds of millions of dollars."

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More from @scottlincicome

2 Dec
ICYMI: COVID-19 caused a BIG spike in self-employment & new business formation as workers adjust to the "new normal". It's especially surprising since business creation/destruction ("dynamism"), which drives productivity/growth/jobs, has been declining for decades. HOWEVER... /1
There are a lot of federal/state/local policies that inhibit business formation & burden self-employed workers in many occupations. In fact, the USA ranks poorly in "ease of starting a business"... AND /2
We've been besieged in recent years by state occupational licensing rules, which increased from 5% of occupations a few decades ago to 20-30% & have been shown to harm entrepreneurship - esp in "low income" fields, many of which are part of that "COVID entrepreneur" surge /3
Read 5 tweets
9 Nov
No federal money for vaccine R&D. How interesting.
The Libertarian Moment just keeps growing! 😉
A bit more seriously here:
1) IPfizer's partner, BioNTech received $ from the German government: biospace.com/article/bionte…
2) Relatedly, CV19 vaccine development has been a truly global effort, & certainly governments have been/will be involved: cato.org/blog/covid-19-… Image
Read 4 tweets
29 Oct
ICYMI: Yesterday I recapped the recent, and uniformly-negative, assessments of 3+ years of "America First" trade & industrial policy cato.org/blog/checking-…
I didn't get into the weeds in that post and instead let the headlines do the heavy-lifting, but here are the general conclusions for those who don't subscribe and/or are lazy: /2
1) Steel tariffs didn't work: they boosted prices & goosed investment short-term, BUT 1) caused real damage to steel-consuming manufacturers, exporters hit by retaliation, & "rust belt" state economies; & 2) steelcos started shedding jobs/factories when the sugar high faded /3
Read 7 tweets
27 Oct
✅Standard Time is natural and healthy.

✅Daylight Savings Time is a government-created disaster.

✅Just get up earlier.

wsj.com/articles/why-t… #EndDST #FallBackForever Image

Too bad.
Read 4 tweets
25 Oct
To be clear:

-There are many ways - top-down & bottom-up - to "control" the virus without lockdowns.

-Control & theraputics/vaccines(even herd imm.) are not mutually exclusive.

-The WH abandoning a "control" msg cld encourage riskier behavior (&, I'd think, is bad politics)
HOWEVAH, I'd like to see the whole quote and/or WH clarification.
Read 5 tweets
21 Oct
Quick thread on this: unless you're notorious car-guy @ModeledBehavior, you maybe didn't notice that COVID-19 has increased US demand for, but crippled N. American production of, pickup trucks. Now, even as US truckmakers are going full-tilt, supply is short & prices are HIGH /1
(Demand for sedans/SUVs has also surged, but the shortages/prices don't appear to be as bad.)

So why, you might ask, are Americans only buying trucks made in MX/CAN/USA, when there are all sorts of cool options made elsewhere (see, eg, these bad boys hotcars.com/20-foreign-pic…)? /2
Well, there are 25% tariffs on those trucks, which effectively block imports from non-NAFTA countries.

By contrast, tariffs on cars/SUVs/vans are 2.5% (or duty-free for FTAs), & we have many more options.

This difference has had predictable results during the pandemic. /3
Read 7 tweets

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