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Why does the company have the right to set the covaxin price?

Covaxin Price: The Serum Institute and Bharat Biotech announced a price hike for vaccines after announcing the launch of a vaccine for people over the age of 18 in India. Following a meeting with the Prime Minister, the announcement was made.

However, there have been concerns raised regarding price hikes, ranging from the position of the central government to the role of businesses. But the major aspect here is that if the government supported India Biotech in developing Covaxin, how could it be entitled to the vaccine’s price and benefit on its own?

A special licence has been granted, but the price has increased – A Swedish-British company is increasing whey prices due to licences and other taxes, but Covaxin was manufacturer through government-funded research. For this, a special licence was given. Tax deductions are available for a wide range of expenses. Bharat Biotech has set the Covaxin price per dose for state governments at Rs 600 and private hospitals at Rs 1200.

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On April 17, the Indian government authorized three new firms, including the Haffkine Institute in Mumbai, to manufacture covaxin. But the question,

  • Who granted these companies the right to produce vaccines?
  • How did Bharat Biotech and the ICMR sign their contract?
  • Where do the funds for vaccine research, clinical trials, and manufacturing come from?
  • What percentage of income the government did you get from open sources?

Bharat Biotech and Accuagen have teamed up to supply 100 million doses of Covaxin to the US. The question is whether the ICMR would profit from this. These institutions offered financial assistance: the Ministry of Health and Family Welfare, National Institute of Virology, ICMR, Pune demanded financial assistance for four out of six vaccine papers. Dr. Balaram Bhargava, Director of the ICMR, has signed it.

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