Pfizer, BioNTech propose EU pays half for each cancelled COVID dose

Pfizer logo is seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration

PfizerIncandBioNTech'snew proposal to theEuropean Union, amid a glut ofCOVID-19 shots, includes a provision for member states to payhalfprice, or about 10euros ($11), foreachof about 70 millioncancelleddoses, theFinancialTimesreported on Sunday.

The revised contract would allow theEUto upgrade to newer vaccines tailored to any futureCOVID-19 variants, the report added, citing people close to negotiations.

In January, Reuters reportedtalksbetween theEUand the two drugmakers aimed at reducing up to 500 millionCOVID-19 vaccinedoses Brussels has committed to buy this year in return for a higher price.

The move comes as the blocplans to revamplaws governing the $148 billion pharmaceuticals industry in the hope of reviving investment and boosting access to affordable drugs at a time when health budgets are drained by the costs of treatingCOVID-19.

Pfizerdeclined to comment on the FT report but said discussions had been conducted 'in good faith by all parties' while partnerBioNTechand theEuropean Medicines Agency (EMA) did not respond to Reuters' requests for comments.