COVID-19 Medication Paxlovid’s Price Expected to Rise in 2024
In a recent development, Paxlovid, a crucial medication for COVID-19, is projected to see a significant increase in price as the US transitions out of the pandemic’s emergency phase. This has raised concerns about accessibility, with healthcare professionals worried about the impact on patients. Similar to COVID-19 vaccinations, Paxlovid will no longer be provided for free through government purchases and will instead be available in the commercial marketplace for most patients.
According to reports, the new price for Paxlovid is expected to surpass the previous $530 per course charged by the US government. Patients covered by Medicare, Medicaid, or those without insurance can still access the medication until 2024 through a patient assistance program. However, those with commercial insurance may have to bear copayments.
Albert Bourla, the CEO of Pfizer, has stated that discussions with payers have already begun and that the “pandemic price” is likely to be lower than the new commercial price. However, Dr. Eric Topol, a professor of molecular medicine at Scripps Research, expressed concerns about the expected price hike, referring to it as “more bad news of price gouging by Pfizer.” He emphasized the impact on patients who rely on Paxlovid and are worried about the rising costs.
Dr. Topol further stated that even for those with full insurance coverage, such price increases ultimately lead to higher healthcare insurance premiums for everyone.
Paxlovid has been considered one of the most effective therapies for COVID-19 when administered early in the infection. Clinical studies have shown that high-risk individuals who took the medication had an 86% lower chance of hospitalization or death from a COVID-19 infection. However, some patients have opted out of the treatment due to difficulties in accessing the medicine and concerns about potential interactions with other medications.
Despite these challenges, medical professionals continue to view Paxlovid as the best option for treating COVID-19. Damien Conover, a Morningstar analyst, predicts that the retail price for Paxlovid could be around $700. Another analyst, Umer Raffat from Evercore ISI, forecasts a three- to five-fold increase to $2,500 per course.
The anticipated price increase could negatively impact pharmaceutical accessibility in the US, potentially discouraging patients from seeking the medication. It is worth noting that 40% of Paxlovid patients are on Medicare or Medicaid and will have free access through 2024, as stated by the Department of Health and Human Services.
Since the end of the US COVID health emergency, the government has ceased procuring the majority of medications and vaccinations for the public. While some supplies are still available for those who meet specific requirements, Pfizer’s COVID-19 vaccines, for instance, have been marketed on the private market at a price approximately four times higher than that set by the US government.
In conclusion, the expected price increase for Paxlovid raises concerns about accessibility and affordability for COVID-19 patients. Healthcare professionals and experts are closely monitoring the situation and advocating for measures to ensure that patients can continue to access this crucial medication.
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