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Moderna faces criticism for announcing plans to increase the cost of its COVID-19 vaccine shot later this year.

The company’s CEO defended the decision at a Senate hearing yesterday, citing a 90% expected reduction in demand and the loss of economies of scale.

Lawmakers from both parties have expressed concerns about the significant price increase, with committee chairman Bernie Sanders criticizing Moderna’s leadership for making billions during the pandemic.

However, the CEO also stated that the company plans to work with hospitals and homeless shelters to expand access to the vaccine for uninsured individuals.

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