Pfizer Sets Price for COVID Drug Paxlovid at $1,390 per Course as it Shifts to Commercial Market
Pfizer has disclosed that it will charge $1,390 for a five-day course of its COVID antiviral drug, Paxlovid, as it prepares to transition the product to the commercial market later this year. This pricing revelation, which was initially reported by The Wall Street Journal, represents the list price before rebates and discounts offered to insurers and pharmacy benefit managers. Notably, this price is more than double the $529 that the federal government had been paying for Paxlovid.
Up until now, the government had been procuring and distributing Paxlovid to the public at no cost since December 2021, when the FDA initially authorized the treatment. However, Pfizer’s decision to sell Paxlovid directly to health insurers in 2024 comes at a time when demand for COVID vaccines and treatments is declining nationwide.
This price hike has prompted concerns among doctors, health experts, and patient advocates, who fear that it may limit access to this life-saving treatment. Paxlovid has been demonstrated to reduce the risk of severe disease and death from COVID, particularly among vulnerable patients, such as those with diabetes, heart conditions, or weakened immune systems.
It is important to note that health insurance plans are expected to pay considerably less than the $1,390 list price for Paxlovid, which means that patients will likely face minimal or no out-of-pocket costs. Pfizer has also emphasized that it is actively collaborating with payers to reduce copayments for patients.
Additionally, Pfizer has announced its intention to subsidize copays for commercially insured individuals, a commitment that extends at least through 2028.
A Pfizer spokesperson stated, “As always, Pfizer’s goal is to ensure broad and equitable access to our medicines. We are working diligently with payers to achieve the best possible formulary placement for Paxlovid, resulting in low out-of-pocket costs for patients.”
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In related news, Pfizer has lowered its revenue expectations for Paxlovid, with an anticipated $7 billion reduction in revenue, partly attributed to the federal government’s decision to allocate doses for emergency use. This adjustment has prompted Pfizer to revise its overall revenue outlook for 2023 to the range of $58 billion to $61 billion, down from its earlier projection of $67 billion to $70 billion. Pfizer clarified that this downward revision is solely linked to its COVID-related products.