Gilead Sciences has released its pricing plan for remdesivir - its COVID-19 drug that shortens the duration of the disease.

According to its statement, Gilead will charge governments in the developed world $2,340 for a five-day treatment course.

"We have decided to price remdesivir well below this value. To ensure broad and equitable access at a time of urgent global need, we have set a price for governments of developed countries of $390 per vial. Based on current treatment patterns, the vast majority of patients are expected to receive a 5-day treatment course using 6 vials of remdesivir, which equates to $2,340 per patient," the statement said.

Private insurance companies in the US will pay more: $3,120 for a treatment course.

"As with many other aspects of this pandemic, we are in uncharted territory in pricing remdesivir. Ultimately, we were guided by the need to do things differently. As the world continues to reel from the human, social and economic impact of this pandemic, we believe that pricing remdesivir well below value is the right and responsible thing to do," the statement added.

According to the company, "by the end of this year, we expect our investment on the development and manufacture of remdesivir to exceed $1 billion (U.S.) and our commitment will continue through 2021 and beyond."