Pfizer wants sovereign assets in return for vaccine

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Pfizer unlike Moderna and the other vaccine manufacturers, took no government money for developing their vaccine. CEO said we don't want the interference that comes with accepting government money. They took all of the risk with their own money and the only agreement was a price per dose premium, IF they could develop a vaccine approved for use by the FDA. (That is my understanding of it.)
Risk/Reward - apparently, some people in government are opposed to capitalism.
 
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The PREP Act designation means that claims related to coronavirus vaccines are covered by the Countermeasures Injury Compensation Program (CICP), not the National Vaccine Injury Compensation Program (VICP), which was set up to handle vaccine lawsuits.

In other words, a person cannot sue a manufacturer for an injury caused by a vaccine or other product listed as a countermeasure, but they can seek compensation from CICP filing a claim. The intent of the law is to urge manufacturers to quickly gear up to combat a possible pandemic without fear of lawsuits. (There is an exception in the law if a person can prove "willful misconduct" by a manufacturer.)


Claims filed under CICP for lost income are capped at $50,000 per year and unlike the VICP it does not provide any compensation for pain, suffering, emotional distress, or similar damages. Cases filed under VICP also have limitations; they are heard in the U.S. Court of Federal Claims, where there are no juries and a court-appointed special master decides the case.

The CICP website shows that as of Aug. 2, 686 people have alleged injuries or deaths from coronavirus vaccines but so far no countermeasure claims have received any compensation.

"The liability protections afforded under the PREP Act are tied to the declared public health emergency and not whether the vaccine is sold under an EUA," Castillo said. "Therefore, both Comirnaty and the Pfizer-BioNTech covid-19 vaccine receive the same liability protections as medical countermeasures against covid-19."
 
Phizer unlike Moderna and the other vaccine manufacturers, took no government money for developing their vaccine. CEO said we don't want the interference that comes with accepting government money. They took all of the risk with their own money and the only agreement was a price per dose premium, IF they could develop a vaccine approved for use by the FDA. (That is my understanding of it.)
Risk/Reward - apparently, some people in government are opposed to capitalism.
This is exactly right. They turned down the money for this reason.
 
This is exactly right. They turned down the money for this reason.
As a footnote/reminder:
Without the red tape of government bureaucracy, Pfizer was the first to be able to bring their vaccine to market with FDA approval in the USA. Which was before Christmas as Trump predicted. Although Trump was criticized by the national media and Dr Fauci (in late September or early October as campaign smoke) for saying from his discussions with company officials he believed by the end of November or before Christmas with certainty would be the timeline.

Israel led the world in getting the majority of their citizens vaccinated earliest because they bid the highest price premium per dose for the Pfizer vaccine.
 
As a footnote/reminder:
Without the red tape of government bureaucracy, Pfizer was the first to be able to bring their vaccine to market with FDA approval in the USA. Which was before Christmas as Trump predicted. Although Trump was criticized by the national media and Dr Fauci (in late September or early October as campaign smoke) for saying from his discussions with company officials he believed by the end of November or before Christmas with certainty would be the timeline.

Israel led the world in getting the majority of their citizens vaccinated earliest because they bid the highest price premium per dose for the Pfizer vaccine.
I would add here that Pfizer had partnered with the original developer (BioNtech) to develop a version of the vaccine months before operation warp speed was ever announced. they did however sign an agreement that summer to provide 100 million doses to the US if the vaccine panned out. In short, they risked $2 billion of their own money with no guarantee of a return. Moderna and J&J are different story.
 

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