(Reuters) – Pfizer and BioNTech have made a new proposal to the European Union, in the face of oversupply of coronavirus vaccine doses, including that member countries pay half the price, or around 10 euros, for each of the approximately 70 million doses cancelled, the Financial Times reported on Sunday.

The revised terms of the contract would allow the European Union to supply itself with newer vaccines adapted to future variants of COVID-19, adds the British newspaper, citing sources close to the negotiations.

In January, Reuters reported on talks between the EU and the two labs over a reduction of up to 500 million in the number of vaccine doses that Brussels has pledged to purchase this year.

Europe hopes instead to boost investment and improve access to affordable medicines as countries’ health budgets have been strained during the coronavirus pandemic.

Pfizer declined to comment on the FT article but said discussions were taking place “in good understanding from all parties”. Its partner BioNTech and the European Medicines Agency did not respond to requests for comment from Reuters.

(Urvi Dugar in Bangalore, Gilles Guillaume for the )

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