By Darlene Superville

The Trump administration will pay Pfizer nearly $2 billion for a December delivery of 100 million doses of a COVID-19 vaccine the pharmaceutical company is developing, Health and Human Services Secretary Alex Azar announced Wednesday.

The U.S. could buy another 500 million doses under the agreement, Azar said.

“Now those would, of course, have to be safe and effective” and approved by the Food and Drug Administration, Azar said during an appearance on Fox News.

Pfizer Inc. and BioNTech SE announced separately that the agreement is with HHS and the Defense Department for a vaccine candidate the companies are developing jointly. It is the latest in a series of similar agreements with other vaccine companies.

The agreement is part of President Donald Trump's Operation Warp Speed vaccine program, under which multiple COVID-19 vaccines are being developed simultaneously. The program aims to deliver 300 million doses of a safe and effective COVID-19 vaccine by January 2021.

Under the initiative, the government will speed development and buy vaccines — before they are deemed safe and effective — so that the medication can be in hand and quickly distributed once the FDA approves or authorizes its emergency use after clinical trials.

Pfizer and BioNTech said the U.S. will pay $1.95 billion upon receipt of the first 100 million doses it produces, following FDA authorization or approval.

Americans will receive the vaccine for free, the companies said.

Azar said the contract brings to five the number of potential coronavirus vaccines that are under development with U.S. funding. Nearly two dozen are in various stages of human testing around the world, with several entering final test to prove if they really work.

Trump said Tuesday at a briefing that “the vaccines are coming, and they’re coming a lot sooner than anyone thought possible, by years.”

As early as next week, a vaccine created by the National Institutes of Health and Moderna Inc. is set to begin final-stage testing in a study of 30,000 people to see if it really is safe and effective. A few other vaccines have begun smaller late-stage studies in other countries, and in the U.S. a series of huge studies are planned to begin each month through fall in hopes of, eventually, having several vaccines to use.

Pfizer is finishing an earlier stage of testing to determine which of four possible candidates to try in a larger, final study.

Other countries are also scrambling to get a vaccine for COVID-19, which has killed more than 617,000 people, according to a tally kept by Johns Hopkins University.

Nearly 4 million Americans have been infected by the new coronavirus and at least 142,000 have died from COVID-19, the disease it causes, according to Johns Hopkins.

Britain announced Monday it had secured access to another 90 million experimental COVID-19 vaccines made by Pfizer and others, a move some campaigners warned could worsen a global scramble by rich countries to hoard the world’s limited supply of COVID-19 vaccines.

China, where the new coronavirus originated, also has several vaccine candidates entering final testing. Trump blames Beijing for not doing a better job of containing the virus and allowing it to spread around the world. Still, he said he'd be willing to work with China if it were first to the market with a reliable vaccine.

“We're willing to work with anybody that's going to get us a good result,” Trump said Tuesday. “We're very close to the vaccine. I think we’re going to have some very good results.”

The FDA has told manufacturers it expects any vaccine to be at least 50% effective to qualify. But at a congressional hearing Tuesday, Rep. Frank Pallone, D-N.J., said he was worried Trump could push the agency into prematurely clearing a vaccine.

“My fear is that FDA will be forced by the Trump administration to approve a vaccine that lacks effectiveness,” Pallone said.

Executives from five leading vaccine companies testified that they will take no shortcuts in their testing of the shots, so that people can be confident in the results. In addition, it won’t be just the FDA rendering an opinion -- each vaccine will likely be judged nearly simultaneously by regulatory authorities in Britain and Europe.

“I don’t think any of the regulatory bodies that we have interacted with are lowering their standards,” said Menelas Pangalos, executive vice president of AstraZeneca, which is manufacturing a potential vaccine developed by Oxford University. “We would not be trying to launch a medicine that is not effective.”

AP Medical Writer Lauran Neergaard contributed to this report.

Share:
More In Business
TC BioPharm Goes Public, Looks to Future of Cancer, COVID-19 Cell Therapies
TC BioPharm, a biopharmaceutical company focused on developing cell therapy products targeting, went public on the Nasdaq in January. CEO Bryan Kobel joined Cheddar to talk about the company's IPO launch, its cancer-fighting therapeutics tech, and its potential for using its research to treat COVID-19. "The opportunity here for us is to really get safety data and covid and expand into other areas," Kobel said. "So from COVID, where we hope to treat patients, hopefully maybe the elderly population, populations that that really can't handle the antivirals because they're too hard in the system, well then we'll expand out into maybe severe influenza Ebola, other viral and viral infections where we think we can be helpful."
A Closer Look at the Gaming Sector and its Future in the Metaverse
The gaming industry has been under the spotlight so far this year following some big mergers and acquisitions. This week featured earnings of three major gaming companies, but also Meta and for the latter, things are not doing too hot. Joining Cheddar News to break it all down was Kenny Rosenblatt, President and Co-Founder of Arkadium.
Economy Appears to Be Back on Track in 2022 With Job Growth
Following the surprising big beat on estimates for the January jobs report, William M. Rodgers III, vice president and director of the Institute for Economic Equity at the Federal Reserve Bank of St. Louis, joined Cheddar News to break down the data. “We ended 2021 with a strong crescendo to a recovery that had taken hold, and we started 2022 in good fashion." He also discussed the dueling pressures of wage growth and inflation.
Amazon Strong Growth Attributed to the Cloud Despite Retail Headwinds
While it was a volatile week in tech as Meta experienced the biggest one-day drop in the history of the U.S. stock market, industry giant Amazon reported 40 percent growth — largely on the strength of the cloud. Dan Ives, managing director of equity research at Wedbush Securities, joined Cheddar News to break down how the e-commerce company stock managed to pop despite headwinds against its core retail business. "It's all about cloud because of sum of the parts, you could argue, amazon could be $3,500/$4,000 stock just based on cloud," he said. Ives also addressed the apparent the differing impact of Apple iOS changes on Facebook and Snapchat.
Load More