Economy

Gilead sets U.S. price for COVID-19 treatment

Gilead sets U.S. price for COVID-19 treatment”

The drug maker said it will sell remdesivir for $390 per vial to governments "of developed countries" around the world, and the price for US private insurance companies will stand at $520 per vial.

The American drug company producing an antiviral Food and Drug Administration-approved drug that is being used to treat severe cases of coronavirus, says patients who are covered by government programs like Medicaid will be charged $2,340 for a typical five-day treatment course.

Gilead has entered into an agreement with the U.S. Department of Health and Human Services (HHS) whereby the department and states will manage allocation to hospitals until September end.

That, in turn, stops the virus from being able to proliferate further inside the patient's body.

Gilead had promised to donate its supply of the drug through June, but what the company would charge after the donation ran out had been furiously debated.

In 127 poor or middle-income countries, Gilead is allowing generic makers to supply the drug; two countries are doing that for around $600 per treatment course.

Remdesivir's price has been highly anticipated since it became the first medicine to show benefit in the pandemic, which has killed more 500,000 people globally in six months. Given through an IV, the medication is created to interfere with an enzyme that reproduces viral genetic material.

This is below the US$5,080 per course recommendation by USA drug pricing research group, the Institute for Clinical and Economic Review, last week.

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He said remdesivir will save hospitals an estimated $12,000 per patient due to an earlier discharge, because it shortens the recovery period by an average of four days. But new information that a affordable steroid known as dexamethasone increases survival suggests remdesivir really should be priced among $two, 520 and $two, 800, the team explained.

The developing world will see treatment "at a substantially lower cost", with O'Day citing "healthcare resources, infrastructure and economics" as the reasons.

"This is a high price for a drug that has not been shown to reduce mortality", Dr. Steven Nissen of the Cleveland Clinic explained in an e mail.

'Given the serious nature of the pandemic, I would prefer that the government take over production and distribute the drug for free.

Peter Maybarduk, an attorney at the consumer group Public Citizen, called the price 'an outrage'.

"Remdesivir should be in the public domain" simply because the drug gained at the very least $70 million in general public funding towards its growth, he explained.

"The price puts to rest any notion that drug companies will "do the right thing" because it is a pandemic", Dr. Peter Bach, a wellness coverage specialist at Memorial Sloan Kettering Most cancers Heart in NY explained in an e mail. Late last month, Peter Maybarduk, director of Public Citizen's Access to Medicines Program, made the argument that Gilead relied on help and funding from the USA government to develop remdesivir. "The price might have been fine if the company had demonstrated that the treatment saved lives".

Analysts at Royal Bank of Canada said they saw revenue potential of $2.3 billion from the drug in 2020, helping offset more than $1 billion in development and distribution costs.



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