Pfizer, the pharmaceutical giant, announced on Wednesday that it will charge $1,390 for a five-day course of its COVID-19 antiviral treatment, Paxlovid, when it becomes available for commercial sales after the government's stock runs out. This price is more than double what the government currently pays for the drug.

The new list price, which does not include discounts and rebates to insurers and pharmacy benefit managers, was revealed by Pfizer in an email statement. The U.S. government has been providing Paxlovid to Americans at no cost, paying around $530 per course.

Paxlovid, the most commonly prescribed at-home treatment for COVID-19 in the United States, will continue to be available for free to patients until the end of this year, according to Pfizer. Under an agreement with the government, the drug will also remain free for Medicare and Medicaid patients until the end of 2024, and for uninsured and underinsured patients until 2028.

In clinical trials conducted by Pfizer, Paxlovid demonstrated a 90% reduction in hospitalizations and deaths among unvaccinated individuals at risk of severe disease. However, the drug did not show significant benefits for those considered at standard risk, including vaccinated patients.

A spokesperson of the company said in a statement, “As always, Pfizer’s goal is to ensure broad and equitable access to our medicines.”

Last year, the Institute for Clinical and Economic Review (ICER), an influential U.S. drug pricing watchdog, suggested a price range of $563 to $906 per course for Paxlovid based on its benefits and value to patients.

The United States has purchased approximately 24 million courses of Paxlovid from Pfizer, and although there is still a large supply, 7.9 million courses were recently returned. As a result, Pfizer has revised its full-year revenue forecast due to lower-than-expected sales of its COVID-19 products.

Demand for the drug has declined since last year. In 2022, approximately 7 million courses were administered to patients, according to U.S. government data. As of October 1, 2023, around 3.4 million courses have been given this year.