Gilead says it will charge the U.S. government and other developed countries $2,340 for a typical course of remdesivir. The price will then rise.
Creating a vaccine capable of preventing the coronavirus that causes COVID-19 will take many months — if not a year or more. These are the steps involved.The company suggested it could have charged more based on the value the medicine provided, the typical approach drugmakers use in setting pricing for new and innovative therapies. It argued remdesivir could save $12,000 per patient by getting people out of the hospital faster.
Shares of the Foster City, Calif.-based drugmaker gained 1.6% to $75.75 in premarket trading Monday in New York. Through Friday, Gilead shares had gained 15% so far this year. Gilead also said Monday it had reached agreement with the Department of Health and Human Services to manage the allocation of remdesivir in the U.S. through September.
The coronavirus crisis in the U.S. is escalating as new cases of infection reach record highs. States such as Texas, Arizona and Florida are becoming overwhelmed, and plans to reopen their economies are being reversed.Some estimates have found that remdesivir would be cost effective at as much as $4,500 for a treatment course.
To date, Gilead has donated about a quarter of a million treatment courses of remdesivir, and it is bolstering supply rapidly. By the end of the year, it expects to produce around 2 million treatment courses.O’Day said pricing of the drug was a balancing act. On the one hand, a pandemic is raging for which there is no cure.
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