The Biden administration announced Thursday that it has reached a deal to buy 10 million courses of Pfizer’s COVID-19 treatment, in a move that officials hope will help hasten the end of the pandemic.
The $5.29 billion deal will allow for the first deliveries of the pills to be made this year, with the order concluding next year.
Pfizer’s pill, known as Paxlovid, has been shown to be very promising in trials, reducing the risk of hospitalization or death by 89 percent.
Experts say that once the pill is available, it will help end the crisis phase of the pandemic, given that in addition to vaccines, it will help lower the risk from COVID-19 and make it more manageable.
“This promising treatment could help accelerate our path out of this pandemic by offering another life-saving tool for people who get sick with COVID-19,” said Health and Human Services Secretary Xavier Becerra.
“Getting vaccinated remains the most important action anyone can take to help protect themselves and others and end this pandemic, but for people who do get sick in the future and are at risk of severe outcomes, having pills they can take to keep them out of the hospital could be a lifesaver,” he added. “This agreement would help ensure millions of doses of this drug would be available to the American people if it is authorized.”
The drug still needs to be authorized by the Food and Drug Administration before it can be used. Pfizer applied for authorization earlier this week.
The company also announced a deal this week to share the formula for the pill to allow low-income countries to make it.
“It is encouraging to see a growing understanding of the valuable role that oral investigational therapies may play in combatting COVID-19, and we look forward to continuing discussions with governments around the world to help ensure broad access for people everywhere,” said Pfizer CEO Albert Bourla.