World Socialist Web Site wsws.org 01 Apr, 2021 08:30 am

Obscene global vaccine profiteering by pharmaceutical companies

It was only after the governments of the European Union, UK and US and agencies offered funding, including the main cost of running the “Phase 3” trials, assuming most of the risk in the process, that the industry started work on vaccine development.

The reality is that the pharmaceutical companies were initially not interested in vaccine development.” It was only after the governments of the European Union (EU), UK and US and agencies offered funding, including the main cost of running the “Phase 3” trials, assuming most of the risk in the process, that the industry started work on vaccine development, making rapid progress.The campaigning group Public Citizen argues that this means, “Taxpayers are paying for 100 percent of Moderna’s COVID-19 vaccine development.Crucially, all the vaccine development teams benefited from the initial research carried out by Professor Zhang Yongzhen at the Shanghai Public Health Clinical Centre where he had sequenced thousands of previously unknown viruses.

The university’s spinout company, whose directors include the leaders of the vaccine development team Professors Sarah Gilbert and Adrian Hill, will get 24 percent of the university’s share.It was driven by big pharma.

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