Pfizer Inc and BioNTech’s new proposal to the European Union, amid a glut of COVID-19 shots, includes a provision for member states to pay half price, or about 10 euros ($11), for each of about 70 million cancelled doses, the Financial Times reported on Sunday.

The revised contract would allow the EU to upgrade to newer vaccines tailored to any future COVID-19 variants, the report added, citing people close to negotiations.

In January, Reuters reported talks between the EU and the two drugmakers aimed at reducing up to 500 million COVID-19 vaccine doses Brussels has committed to buy this year in return for a higher price.

The move comes as the bloc plans to revamp laws governing the $148 billion pharmaceuticals industry in the hope of reviving investment and boosting access to affordable drugs at a time when health budgets are drained by the costs of treating COVID-19.

Pfizer declined to comment on the FT report but said discussions had been conducted ‘in good faith by all parties’ while partner BioNTech and the European Medicines Agency (EMA) did not respond to Reuters’ requests for comments.

By Reuters