Thread by @thetimes

The lightning-quick development of effective Covid vaccines is one of the great scientific successes of our age. But behind this scientific triumph lies a murkier financial tale

@billykenber finds out the truth

thetimes.co.uk/article/how-bi…

Before the fate of the global economy hung in the balance and the search for immunity became pretty much the most important thing in the world, the giants of Big Pharma didn’t really care about vaccines

Vaccines were seen as a distraction from the vast financial rewards that new drugs for diabetes, cancer and other diseases of the rich could bring

“The big picture is, drug companies make their money developing drugs and treatments for chronic diseases that go on and on and on,” says Peter Hale, the founder of the Foundation for Vaccine Research

“There was extreme reluctance to get involved," he says

thetimes.co.uk/article/how-bi…

Yet those companies that did come out as winners in the great vaccine race stand to make billions from governments – and ultimately taxpayers – around the world for years to come

Hale's foundation was initially focused on addressing the pharmaceutical industry’s lack of interest in neglected diseases – those that afflicted poor countries

But its mission soon spread to include responses to infectious diseases that might lead to a pandemic

As arguments raged inside the offices of Big Pharma giants about whether to disrupt their normal profit-making activities and commit resources, the virus had already made it to the chalets and après-ski bars of the Italian Alps

Scientists at the Jenner Institute in Oxford were adamant that their vaccine should be sold on a not-for-profit basis

The company agreed to make several billion doses available at cost while the pandemic lasted and to supply lower- income countries at that price indefinitely

But not everyone was prepared to limit their profits

The value of Moderna has soared from $6.5 billion to more than $180 billion, making its chief executive a billionaire

The development of its vaccine was fully funded by the US government

Pfizer is on track to book sales this year of $40 billion or more from Covid-19 shots, equivalent to the company’s total revenue last year

Both companies have already increased the price of their jabs

When the next pandemic hits taxpayers will once again be expected to stump up billions towards those development costs while Big Pharma enjoys the rewards

Read the full story here: thetimes.co.uk/article/how-bi…