COVID vaccines are estimated to have saved 20 M lives world wide. In the US, the statistical value of a human life is $9 M, so (extending that to the global population, which is perhaps problematic) the value is $180 T. Making a measly $50 B is chump change in comparison.
The problem with insulin, at least in the US, has been elaborations (still under patent protection) on it that are slightly better than the old versions. But doctors have to prescribe the best treatment. There's no quality/cost tradeoff.
It seems a bit excessive, but if you assume someone working from 25 to 65, that is 40 years, at $50k per year then they're "worth" >= $2M to the economy. Really more than that because they will do some things for free to other people, such as family members. So it is probably at the right order of magnitude.
Are the people who were saved by COVID vaccines never going to die from any other cause? I believe the $9M figure is actually just a reference to what the FAA considers a reasonable threshold for imposing a new expense on aircraft manufacturers and airlines in order to make flying safer?
Which would, of course, bring the “money saved by vaccines” number down a bit.
On the other hand, if we were able to factor in the benefit of milder cases and less long COVID/other side effects, I guess the number would go up a bit.
I suspect it is just too complicated for us to work out here.
No that isn't what I said, and yes it would be just as ridiculous as attributing the same value to preventing a 90 year old nursing home patient from dying of an endemic respiratory virus as we do to preventing deaths in plane crashes.
Can you link me to a study which does a reasonable job of attempting to come up with a "Covid deaths prevented by vaccines number" while taking into account the effects of increased seroprevalence, decreased virulence of the virus itself, and the "no more dry tinder" effect?
