Moderna (NASDAQ:MRNA) plans on hiking the price of Covid vaccines by 400%.
This price hike will see the Covid vaccine go from $26 per dose that the government charges to $130 when the vaccine is sold on the private market.
Senator Bernie Sanders pushed Moderna CEO Stephane Bancel, stating that quadrupling the price is huge and would cost taxpayers billions of dollars.
Bancel defended the price hikes, saying that the vaccine market is changing as the US slowly stops buying and distributing vaccines across the country. Moderna expects demand for vaccines to decline by 90%.
Bancel is being accused of excessive CEO compensation, with Sanders posing the question of why Moderna is quadrupling the price of the vaccine given the executives’ excessive compensation.
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