Moderna CEO to face Senate hearing over pricing for COVID shot
Leon Neal

Moderna (NASDAQ:MRNA) CEO StÃ©phane Bancel will testify before Senate Health, Education, Labor, and Pensions Committee next month over the companyâs plans to raise its COVID-19 vaccine price, the chairman of the committee Sen. Bernie Sanders (I-Vt.) announced Wednesday.
Noting the U.S. governmentâs support for Moderna (MRNA) over the years, Sen. Sanders urged Bancel last month not to increase its vaccine price more than fourfold to $130 "while it costs just $2.85 to manufacture."
"Now, in the midst of a continuing public health crisis and a growing federal deficit, is not the time for Moderna to be quadrupling the price of this vaccine," he added.
The hearing entitled "Taxpayers Paid Billions For It: So Why Would Moderna Consider Quadrupling the Price of the COVID Vaccine?â is scheduled on Mar. 22 at 10 a.m. ET.
Earlier in the day, Moderna (MRNA) said that its COVID-19 vaccine would continue to be available at no cost for Americans, irrespective of their healthcare coverage, even after the end of pandemic emergency expected in May. For those without insurance or underinsured, Moderna's (MRNA) patient assistance program will foot the bill.
As federal purchases come to an end, Moderna (MRNA), as well as rivals Pfizer (PFE) and BioNTech (BNTX), expect to transition their COVID-19 vaccines to a commercial market, charging ~$110 to $130 per dose, up from $26 â $30 implied in the latest government contracts.
However, Seeking Alpha contributor JR Research thinks that Pfizerâs (PFE) decision not to accept federal funds for COVID vaccine research âlikely shielded the company from unnecessary drama and debate as the company transits to the commercial market.â