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Covid medicine Paxlovid will be priced at $1,390/course: Pfizer

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Pharmaceutical company Pfizer will price the Covid antiviral medicine, Paxlovid, at $1,390 for a five-day course after it transitions to commercial markets.

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The federal government had earlier only paid $529 for the drug, making the list price more than double that before retailer and insurer discounts.

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The government has distributed Paxlovid to the public for free since Dec. 2021. Pfizer will begin selling directly to health insurers in 2024.

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Doctors and health experts worry that the steep price will prevent vulnerable patients from accessing the proven life-saving treatment.

Health insurance plans may pay much less than the price, with patients having to pay some or none of the cost out-of-pocket.

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Pfizer is working to lower patient copays for those who are commercially insured at least until 2028 so it's accessible to the people who need it the most.

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The company is expecting a $7 billion lower revenue than expected because some doses were returned, labeled for federal government emergency use.

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It now anticipates 2023 sales of $58 to $61 billion, a decrease from the previously projected $67 to $70 billion due to its COVID-related products.

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