Pfizer’s Vaccine Victory is a Score for Free-Market Capitalists

Completely unregulated pharmaceutical companies is a very touchy subject – take a look at the marketing practices of some pharmaceutical companies and their contribution to the opioid crisis. However, the largest research-based pharmaceutical companies (think Johnson-Johnson, Pfizer, Merck) as well as biotech startups like Moderna, showcase their importance in the race to find a suitable vaccine for COVID-19.

Pfizer is a shining star in this case. It’s the only company to not partake in Operation Warp Speed – that’s Trump’s plan to use federal dollars on vaccine research and clinical trials, which could cost billions of dollars with many failed results – the average success rate for clinical trials are 14%. That’s why generally, we try to avoid using taxpayer money to fund these trials, and let large corporation absorb those costs instead. Operation Warp Speed has benefited companies such as Johnson & Johnson, Moderna, Eli Lily, and AstraZeneca, to name a few.

In Pfizer’s case, rather than using funds from the federal government, they invested $1.5 billion of their own dollars into COVID-19 research. This not only reduces bureaucracy in the scientific process, but allows Pfizer to absorb all the costs in case the trials fail.

Operation Warp Speed has cost taxpayers approximately $10 billion dollars. While ever important to continue scientific discovery and drug development, especially in pursuit of a vaccine for COVID, it’s important to realize that these large drug companies already have the capacity to absorb these costs on their own. With government funding, there’s political pressure as well – and with the shift in Presidential power upcoming, the future of these funding opportunities for these companies are in question. There’s no need for taxpayers to fund this research. Especially since the Trump administration has signed contracts to purchase drugs if successful – there’s no need to fund the research as well.

Pharmaceutical companies will always have to walk a thin line of regulation and deregulation to fund their research while maintaining healthy FDA standards. In this case, the only pharmaceutical company who refused government funding has created the first breakthrough in the race for a COVID-19, allowing them to work without political influence.