After Denying Earlier, Pfizer & Merck Marginally Cut Prices For COVID-19 Treatments In China - Merck & Co (NYSE:MRK), Pfizer (NYSE:PFE)

Pfizer Inc PFE and Merck & Co Inc MRK have reportedly lowered the prices of their respective COVID-19 treatments in China.
Pfizer cut the price of Paxlovid by about 100 yuan ($14.54) to 1,790 yuan per box of 30 pills, while Merck marginally lowered the price of a 40-capsule bottle of its oral treatment molnupiravir by 74 yuan to 1,426 yuan, Reuters reported citing the financial news outlet, Yicai.
Earlier this year, the companies had not agreed to a request by the Chinese authorities for deeper price cuts for COVID-19 treatments.
The marginal decline in prices follows China adjusted medical insurance coverage policy for COVID-19 treatments following the abrupt lifting of its zero-COVID policy in early December.
Previously, under a temporary policy China enacted for COVID-19 treatments, insured patients only needed to pay 10% of the price for Paxlovid and Merck.
That policy expired on March 31, meaning they must now pay full price.
In January, Pfizer CEO Albert Bourla rebuffed reports saying the company is in talks with Chinese authorities to license a generic version of its Covid-19 treatment Paxlovid.
Price Action: MRK stock is up 0.27% at $109.16, and PFE shares are up 0.24% at $41.45 during the premarket session on the last check Tuesday.
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