Last year, the three largest US-listed pharmaceutical companies by revenues, Pfizer, Johnson & Johnson, and Merck, spent a combined $39.6 billion on R&D. That is, admittedly, a lot of money. But less than Medicare is currently paying on just ten drugs
While Big Pharma holds vast portfolios of existing patents for prescription drugs, the innovation pipeline for new drugs actually has very little to do with Big Pharma. In reality, public sources — especially the NIH — fund the basic research that makes scientific breakthroughs. Then small, boutique biotech and pharmaceutical firms take that publicly generated knowledge and do the final stages of research, like running clinical trials, that get the drugs to market. The share of small companies in the supply of new drugs is huge, and it’s still growing. Fully two-thirds of new drugs now come from these small companies, up from one-third twenty years ago. It is not the research labs of Pfizer that are developing new drugs.
Pfizer COVID vaccine wasn't researched or developed by them. It was developed by the German BioNTech.
Still, bringing it to market at the required volumes requires extreme amounts of capital, there's a reason no one can enter the club.
I like Lemmy for exactly this - whenever someone incorrect makes a statement they're factchecked.
Thank you kind person for finding and sharing that source.
OP didn't make an incorrect statement though. What they stated was an important part of the equation. I think a lot of people don't take that type of thing into account and they will read what this post says and assume that Pfizer should be charging $13, or maybe something pretty close like 15 or 20. Clearly 1400 is far far too high, 13 is too low. A reasonable price allows the manufacturer to be successful while not gouging consumers lies somewhere in between, but much much closer to the low end than the high. To me that's really what the person you are responding to is giving evidence for.
https://jacobin.com/2023/09/big-pharma-research-and-development-new-drugs-buybacks-biden-medicare-negotiation
Pfizer COVID vaccine wasn't researched or developed by them. It was developed by the German BioNTech.
Still, bringing it to market at the required volumes requires extreme amounts of capital, there's a reason no one can enter the club.
I like Lemmy for exactly this - whenever someone incorrect makes a statement they're factchecked.
Thank you kind person for finding and sharing that source.
OP didn't make an incorrect statement though. What they stated was an important part of the equation. I think a lot of people don't take that type of thing into account and they will read what this post says and assume that Pfizer should be charging $13, or maybe something pretty close like 15 or 20. Clearly 1400 is far far too high, 13 is too low. A reasonable price allows the manufacturer to be successful while not gouging consumers lies somewhere in between, but much much closer to the low end than the high. To me that's really what the person you are responding to is giving evidence for.
Thank you, this is exactly my point.
Most excellent fact checking 👍