👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

US shifting COVID antivirals to commercial market on Nov. 1

Published 10/27/2023, 03:43 PM
Updated 10/27/2023, 04:21 PM
© Reuters. FILE PHOTO: Coronavirus disease (COVID-19) treatment pills Paxlovid and molnupiravir are seen in boxes, at Misericordia hospital in Grosseto, Italy, February 8, 2022. REUTERS/Jennifer Lorenzini/File Photo
MRK
-
PFE
-

By Ahmed Aboulenein

WASHINGTON (Reuters) - Most people will retain access to Pfizer (NYSE:PFE)'s Paxlovid and Merck's Lagevrio COVID-19 oral antiviral treatments for little or no cost even after the U.S. government starts handing over their distribution to the commercial market next month, health officials said on Friday.

The government has been overseeing distribution of the treatments, alongside vaccines and tests, but has transferring that work to traditional commercial channels. Commercial ordering for the treatments is set to start on Nov. 1.

The U.S. government paid around $530 per course for Paxlovid, the most commonly prescribed at home COVID-19 treatment in the country, and made it available at no cost.

Pfizer said last week it had set the price for Paxlovid at nearly $1,400 per course before rebates and other discounts to insurers and pharmacy benefit managers are taken into account.

"The launch of these products, which is what's going to happen on Nov. 1, is not going to bring sudden changes because there's still an ample supply of federally-owned therapeutics with millions of treatment courses still in the field," said a U.S. Department of Health and Human Services (HHS) official.

"Most people who need therapeutics will continue to be able to access the treatment they need at low or no cost, both during this transition, as well as after this transition to the commercial market," he said on a call with journalists.

Providers will be able to order government-supplied Lagevrio until Nov. 10 and Paxlovid until Dec. 15, the official said, and the government is encouraging them to keep distributing the federal-owned supply they have at no cost until it expires or runs out.

© Reuters. FILE PHOTO: Coronavirus disease (COVID-19) treatment pills Paxlovid and molnupiravir are seen in boxes, at Misericordia hospital in Grosseto, Italy, February 8, 2022. REUTERS/Jennifer Lorenzini/File Photo

Under an agreement with Pfizer allowing the return of 7.9 million courses, the credits for the returned doses will underwrite a program keeping Paxlovid free of charge for patients insured under the Medicare and Medicaid programs through the end of 2024, and to uninsured and underinsured patients through 2028, the official said.

Returns will begin on Nov. 15, the official said, and will be accepted through the end of the year. The government is recommending returns start in December enough time for the establishment of patient assistance programs and securing of commercially-labeled doses.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.