Given the potential to save lives, Gilead said its price is "well below" the drug's value.
Remdesivir was developed by Gilead Sciences to treat Ebola, the deadly hemorrhagic fever that emerged in West Africa in 2014.
In an open letter obtained by Fox News, Gilead Sciences CEO and Chairman Daniel O'Day said the price per vial of remdesivir would be $390 for government health care programs in developed countries, such as Medicare, equal to $2,340 per patient on a short, six-vial treatment.
After this period, once supplies are less constrained, HHS will stop managing the allocation, the company said.
Gilead has tied up with generic drugmakers based in India and Pakistan, including Cipla Ltd and Hetero Labs Ltd, to make and supply remdesivir in 127 developing countries. Two countries are doing that for around $600 per treatment course.
Remdesivir's selling price has been hugely predicted because it grew to become the 1st medication to display reward in the pandemic, which has killed a lot more than 50 % a million men and women globally in 6 months.
The drug interferes with the virus's ability to copy its genetic material. The formal go-ahead by the European Commission is expected to follow soon.
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. 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.
"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'.
"Because of the way the US system is set up and the discounts that government healthcare programs expect, the price for USA private insurance companies, will be $520 per vial", O'Day explained in his letter.
"Remdesivir should be in the public domain" because the drug received at least $70 million in public funding toward its development, he said.
Just days after getting conditional approval for its coronavirus drug remdesivir in Europe, Gilead has announced pricing for the US and other developed countries, charging different rates for the USA federal government and private insurers. "The price might have been fine if the company had demonstrated that the treatment saved lives".
Wall Street analysts have said the antiviral drug could generate billions of dollars in revenue over the next couple of years if the pandemic continues.
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