Daily Management Review

Nine people become billionaires thanks to COVID vaccines


Sales of coronavirus vaccines have allowed nine owners of the companies that produce them to make billions, CNN reports.

The biggest boost from vaccines was received by Moderna US CEO Stephane Bancel and BioNTech CEO Ugur Shaheen, who developed the vaccine with Pfizer. Both are now worth around four billion dollars. In addition, the CEOs of Chinese company CanSino Biologics, who were Moderna's first investors, became billionaires "on paper" and have seen their shares soar due to this.

The nine new billionaires are valued at a total of $19.3 billion. People's Vaccine Alliance activists underscore the stark inequality created by the pandemic. They point out that this would be enough money to fully vaccinate some 780 million people in low-income countries.

The activists called the new billionaires the face of the huge profits that pharmaceutical corporations make from their monopoly on vaccination, and added that vaccines were financed with public funds and should be primarily a public good, not an opportunity to make money.

source: cnn.com