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One year after announcing the remarkable effectiveness of his company’s Covid-19 vaccine, Pfizer’s leader returns to DealBook to discuss the next steps in the global vaccination campaign, the ongoing battle against new variants, and what the new normal might someday look like for the vaccinated — and the pharmaceutical industry.
I became Chief Executive Officer at Pfizer, one of the world's premier innovative biopharmaceutical companies, on January 1, 2019. In my previous role as Chief Operating Officer (COO), I oversaw the company's commercial, strategy, manufacturing and global product development functions. Prior to being named COO, I was the Group President of Pfizer Innovative Health, responsible for the Consumer Healthcare, Inflammation & Immunology, Internal Medicine, Oncology, Rare Disease and Vaccines business groups. I also created the Patient and Health Impact group, which is dedicated to developing solutions for increasing patient access, demonstrating the value of our innovations, and ensuring broader business model innovation. I have 25 years of experience with Pfizer and have held a number of senior global positions across a range of markets and disciplines. Previously, I was the Group President of Pfizer's Global Vaccines, Oncology and Consumer Healthcare business. Before that, I was President and General Manager of Pfizer's Established Products business, leading the development and implementation of strategies and tactics related to Pfizer's off-patent portfolio (including legacy brands and generics). I've also held a number of positions of increasing responsibility in Animal Health and Marketing. Prior to joining Pfizer, I was a practicing Veterinarian in Greece.View the profile
What about to deal with? My next guess is Albert. Bourla, the chairman and CEO Pfizer today. In fact, marks the one-year anniversary depositor announce the efficacy of its covid-19 vaccine with fives with a compass. In the last year is staggering 2021. The company is on track to produce 3 billion doses of covid-19 vaccine that's two billion of those have already been shipped in a typical year, which is a to 200 million vaccines total in the entire portfolio. We welcome Albert bourla to the stage. It is great to see. We saw you last year remotely and it's great to see
you here and we have some breaking news to talk about cuz it literally just happened. I think, moments ago, which is that you have submitted the booster again for everybody, 18 years. An older brother. Tell us why now and what's the difference because you did submit similarly back in September? And the government said, know what we did back in September is what the old companies that we submitted, the based on what the VA was requiring for a booster dose, which was three, four hundred, people started, but
Pfizer and started initiating a very big surgery, way back, which is not required, but we did it because we wanted ourselves to see how that works with is an ethicist. It started. This is not to see if we could increase the antibodies in the block, but this is the chief really. We are reducing the exposure, going to get my package 10,000 people. Most 400,000 people to participate in this. The trial concluded standing results. Gave 95% efficacy of the booster compared to get to do
if you compared to a 99% Then what we have seen with a $2 so that I can talk with that today. And you are asking approval from 18 and double. I'd never speak about the timeline with Regulators. Would they need to take all the time? They feel that they need so that they can feel comfortable. So it's now that you have this information. Are you frustrated that it wasn't approved earlier, you know, this is their obvious by Barbra Streisand. It is what I think I am,
but they should give it to 65 in the ball. + 18 all the way to 65 only exposing this because this issue in a way as a microcosm of a couple of things that went into that decision. Then one was this issue of the hesitancy that Still Remains for some people to take the vaccine the first time. And there was a scientist that's that suggested. If we start to push boosters on everybody early on, it might actually prevent people who are hesitant from getting on board to begin with. And then there was the second issue, which is equality and equity. For these vaccines. And if we're going to be
using them as boosters, it means it's one dose that can't be made and used elsewhere. I think that the listeners, right? I think about the approval of notify booster needs to be based on three things. Is it safe? Is it effective? Do we need to be sure that we are going to be a locations will be compromising different governments and countries and didn't happen. So that you asked me this before and you don't respond this before and I promise to God. And the thing is that you need to resolve this change with
an empty net with and not we need boosters for those that dosage and we need Prime. Listen to locked up for a second. I want to see if you seen the moment but there is this Behavioral Science issue, which is to say, how do you get the rest of this country to actually take the vaccine? The first time is give me. The bottom Administration has made a real effort to try to do that. Now by mandating for companies with over a hundred employees, at being a pill that, you know, and potentially temporarily stop. We'll
see where this goes. How do you think you bring along? Not just the rest of this country, but the rest of the world to feel and trust that they should be taking that? I seem to begin with and when we first realized immune protection for vaccines starts waning, that's happened. When we show the date and Israel. We went out and we waiting for We know that everything that we stay, it is clearly taken very seriously, but we saw that place has the trans and we will write something about it.
This is why we spoke about it. So I think that the students to the boxes would be even more hurt. If it wouldn't explain to the world why they see some breakthrough case cases. So if I put something else that's happening and we examine all this and daughters together with the minister of Israel to start and then they'll taste perfectly fine. What is the problem? It is. After six seven months, you start seeing reduction better, truly anti-vax out there. And one of the talking points that they have is
You can still get it if you're vaccinated. Oh my God, then why you get vaccinated? So not to get it since. So I wanted to say it. Is that if you get it. Big percentage higher than with other respiratory diseases are ending up in hospital and they die. So this is what we want to avoid. That's why we vaccinate people. What do you make of the quote-unquote anti-vax movement in the United States and specifically there. Now, some very high-profile people who have not taken the backseat in. Made it pretty clear
Aaron Rodgers. Have you followed Aaron Rodgers the football player? He said that he was immunized but he really wasn't and it's become a, a great debate. He had to listen to some degree to Joe Rogan and named. I'm sure you've heard about before still playing football, who has spoken about the vaccine at Great length before you do, follow the people who work for making some of these statements and I think that then it is a tense situation right now. I think we have something like 70% of the population. They believe that they need to be protected, call me this a
real issue. They get vaccinated and they are afraid. But because I was on a Galaxy 9 that are presented. In medical terms, what is more and more? People are afraid to give me to buy those that. They tell them, you need to get it and that creates a confrontation. Now people make my make some of them by playing with the emotions of these people are creating a whole and they are trying to basically benefit of the people who are the criminal misinformation bad criminals, but
they are and we need to convince them, but it's not easy. No problem. Tim Cook on before and we spoke of Facebook and others social media. You talk about the people spreading disinformation, is being criminals that platform, those who spread that misinformation about the spread of the misinformation. If someone takes a microphone and stop spreading like a misinformation. It's not the microphone who is responsible, is the person who control over situations, particularly, when those effects Public Health, but I think the problem is
Lisa, emotional charts for people, that they're afraid of the vaccine archiving as being responsible for some of this misinformation to feel the same way. And I'm not the president over the country so that I can make comments about Facebook or Google. Let me ask you about the antiviral drug because in many ways that was just came out as well. How much did this change the dynamic having that antiviral in the vaccine was one thing? But how much in combination does this change the whole thing since for almost a year? Now, less than a year
and we see that and soon enough and those who are ending up in hospital. So now we have in Kansas like German, for example, the other European countries that they are skyrocketing right now. They have iced tea use Most people. With the treatment. Instead of content people, 9, to go to the hospital, only one will go to the hospital. This is tremendous. Not only for the people that would have stay home. If it get the disease, rather than having to work for the healthcare system as a whole. So I think you can
do it. Going back to the Behavioral Science issue though, this drug and its power potentially. I imagined presents a challenge to getting more people vaccinated because I assume they're going to be. People are hesitant, but we'll look at that. Great, new drug. If I get it I'll just take that instead some people in the fence but to be convinced to get the vaccine and now they have the treatment. They have another reason may be, why not to do it. They are wrong and I asked them not to do it
has been proven that is a credit card to change their mind and unfortunately, it's great that we have now another tool in your hand so that you can control ourselves East unfortunate situation before and we are seeing a major outbreak there. What do you think is happening? And what is there? Something I can be learned from that. There are people who look at Germany and say, we seen waves in Europe before as a precursor to waves. We've had here. That's the case. I think that the old ways you should look at us to
understand what can happen here, but they are very different situation. There are many cases are not the same everywhere that box of Germany, but they were tired of oxygenated and they had to wait for your case and then apart from their money for whatever reason. They are poorly vaccinated and this is where they have all the case right now in in Europe as a whole, you have Scandinavian countries that they are 90% And you have a manual Bugatti? When you look at countries, like Iceland very highly, highly vaccinated country, but there's lots of breakthrough cases and the good news is people
aren't going to hospital and they're not dying. Should we all expect? Even if we are vaccinated that we will eventually catch covid that we will all have some breakthrough case in point. Is that fix carpet with a very, very high so it's not that we should expect even if they're vaccinated to get covid 7. Are you immune compromised even less. Do you work at a breakthrough case? So you will get the government including all these people 95% in the first two months and then 90% in the first six months. They would a high level of protection.
We have to see if I think this becomes an annual chart for everybody. I have said that this is where I believe the curves, but I see are leading me. But in biology things, can turn very different than what you expect because of the garage. So we have to wait a year and see where the new responses are, where the protection or even earlier or later, but baxton Equity, cuz that is still a major hot-button issue. If there's an issue around 6, what's a property and whether you should be sharing your intellectual property with others to
manufacture this, whether we should change the price, sing schedule of this. So the countries that can't afford can get better access. Is this going to change? If you eat, do we think that there is enough Supply coming online to cover the world, in a, in a sufficient amount of time because every day that goes by especially in, in, in countries and continents, where there is not the kind of developing the developed world. We have people are not getting access to the stuff. We must Supply. The poor thing got to give you some of the numbers
that the world has seven and a half billion population, India and China, which are two point. Seven billion dots on Ice remix, United 85%. India has been vaccinated 50% right now and they have their own production and solution show video of children with people. And we are one company. Right? There are men around so I think pretty soon we will see that the low-income countries and the middle-income countries will be getting way more quantities than they have received so far.
In terms of timing, do you think it could have happened faster? Not the development of the back of your butt, but the distribution 200 countries and reacting to Play Store and price will try to make it a known issue with will charge a price of a. Take it with me in the car and come concrete, write a fraction. What is diagnostic test and cost for the butt in the middle for 1 billion. Doses for the US pays us at cost and then they are going to give it for free so that we can complete the program. It wasn't in the beginning me to find a place to order in
letters. You're right. I just ate some of them are complaining right now about it because they didn't do it when they came back because we have been asking about going there this weekend or France or Germany, or Japan last request because we have one coming in from the audience in. We want to make this interactive of possible. So if you have questions, please have him. Come I'll just look like in wealthy countries like the US, Britain and Australia have already begun locking up to 55 antiviral. Supply will be limited at first. What is Pfizer plan to
make sure the poor countries get access I sold. The way the government's, the reacted was very different based on the different countries and clearly the hiring commanders were more proactive more sophisticated. Play Stardust and the road again, but if we wait for them to them right now, so we will not have the same situation. I can tell you now because they're still in the negotiating, a lot of things so that you can provide a big boost with an ultra low income can
be pretty soon. Being able to make a way to think about pricing all of this and Santa borrows from sample dollars. Somewhere in that vicinity, there is speculation that your antivirus on the US might cost something like $700. Is that the right price is at the wrong price? Do you say to yourself? $700 is a lot cheaper than R&S if you're in is cheaper than staying at the hospital for 3 days and it's definitely cheaper than buying. Is that is that the equation true? Or is the equation if I made it $40 or $50? I could save. So I can, I can get taxes in so many other
ways and maybe I'll make it up on body right now. People will go to hospitals in. Cost of the Healthcare System tremendous. So we tried to calculate if many people take the pills and then pewter people end up in the hospital. What is the cost for the healthcare system? And what should be the price to justify for the healthcare system to pee so bad. It is 2014 Congress. And then Schuman. And this is also how we came to price with this one. You can understand that there are medicines with lower Effectiveness, or with
equal, Effectiveness two or three times. You understand that really provide for examples of vaccine for the antiviral, meaning it. Is there going to be a moderna and a Pfizer and a J&J the United States. You look at the efficacy of right now with J&J for example and save and I think Are they, are they having different levels of clinical trials, but we need all of it. We should be having it is that makes life science for sex or to thrive. The reason why we had the vaccine in my mom's in the reason why now, but people are dying. We are able to bring and I can borrow if it's because the private
sector said that it is because five Use all the resources that we could build all these years in this very intense way so that we can discover and develop these. Things didn't exist before I were made by us. As you know, there is a debate between the role of the private sector and the public sector and you guys did do this on your own with piontek. However, interesting way there is a debate happening right now between moderna and NIH about who actually should be the inventor of their vaccine and if in fact, NIH should get credit for that, what kind of
control they should have over that vaccine in the proceeds from it, we think about that. I read the story New York Times today between them for over a year, but that was not very clear about what it's about. So all I know is what I read in the story, I can come and see when you think about mRNA technology in the future and what we've now learned both in terms of the vaccine and what you're not doing with everything else. And by the way, you can potentially would be the antiviral to some degree. Give me where we're
going to be able to The Nail the common cold. You think we would be able? I think she very powerful influence influenza vaccines. Not the case right now. So I think we will see pretty soon or solution to that. I think other respiratory virus more important than the cold right now Solutions in those situations. Personal question. And this may be the way we end this discussion. If we have this conversation in March. I'm not sure you would have thought that we'd be sitting here having this conversation the way we are. And I'm so curious. What the personal lesson
has been for you, in all of this as a leader, as a manager of other people. Because one of the things that's happened here is you pushed people. There is a Beyond even their own expectations and passive income limits to make this happen and what gave you the confidence and the ability to do that. When you look back now. Let's start. What is the lesson and the leadership election? It is that people they don't know what they can and what they can do. And if anything, they have severe tendency to underestimate what they can do.
And when you stretch them with very high goals, they find way to make, or the Cumberland club in, by the way, the higher they go, the more transformational the solutions that they're fine because you said it would ask me or people instead of $200, which is our annual. Make improvements the current process when we asked them to rebuild them. They had to sink completely out of the box, French goals in Syria, strike gold. I could have seen people just writing you something. This crazy is never going to happen.
If you give the goal and you disappear, then that's crazy. But that goal and you are next to them day in day out, then together. We will try to find Solutions in. This is what happen and happened again, and again with a Navara, you know, that we started the war of the same marks. Love you set marked 2020 with start. By July of 2020, Wicked synthesized and tested 600 different mortgage, 600 in 4 months, but the discovery phase takes 4 years. When I told him to the four years in 4 months, yes, maybe they felt that we are crazy but knowing what the others are doing the vaccines, they did it
and now it is beyond imagination because people wanted to stretch them, you would be surprised with what solutions they will come. Where to get the confidence part. Was there ever a moment, when you said, I don't know if it's really good coffee from the citizens of this place. If we were failing people is not about me about the scientist about 5, but it was about the world. Because when I spoke to her people and they said guys, I told him if not us then who? And then they looked at me and said, no one. So I said, is this an option? No,
so go and get it. Thank you for being here, and thank you on behalf, frankly of the world for helping us try to get through this pandemic, appreciate it very much. Thank you. Thank you for. Give me back. Just a moment.
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