Pfizer on Wednesday revealed that it raised the list price of a course of Paxlovid—its life-saving antiviral drug used to reduce risk of severe COVID-19 in those most vulnerable—to nearly $1,400, more than double the roughly $530 the US government has paid for the treatment in the emergency phase of the pandemic.
Pfizer CEO Albert Bourla had noted in an investor call at the beginning of the week that the company would increase the price of Paxlovid as it moves from government distribution to the commercial market at the end of this year. But, he did not announce the new list price then. Instead, the company revealed the more than two-fold increase in a letter to pharmacies and clinics dated Wednesday. The Wall Street Journal was the first to report the list price of $1,390 after viewing the letter.
A Pfizer spokesperson told the Journal that “pricing for Paxlovid is based on the value it provides to patients, providers, and health care systems due to its important role in helping reduce COVID-19-related hospitalizations and deaths.”