U.S. support for a proposal to waive intellectual-property protections for Covid-19 vaccines might be good news for the global inoculation campaign, but it’s an unwelcome turn for firms whose share prices have been buoyed by profits from coronavirus shots. Pfizer Inc., BioNTech SE, Novavax Inc. and CureVac NV declined Thursday in U.S. premarket trading. Shanghai Fosun Pharmaceutical Group Co., which has the rights to develop and market BioNTech’s shot in China, plunged 14% in Hong Kong, the most ever. With many countries struggling with a resurgence of the virus, U.S. Trade Representative Katherine Tai said Wednesday the Biden administration will take part in negotiations for the text of a waiver of the rights at the World Trade Organization. The European Union said Thursday it was willing to participate.
Access to COVID vaccine patents is not the same as access to vaccines
The US has backed India and South Africa s bid to temporarily lift patent protection for COVID-19 vaccines. The support for an IP waiver by the WTO has left pharma companies dismayed and health activists asking for more.
The WTO talks are taking place as some wealthy countries face criticism for cornering billions of COVID shots
US President Joe Biden has thrown his support behind efforts by India, South Africa and dozens of other countries to temporarily suspend intellectual property (IP) protections for coronavirus vaccines, offering hope for countries struggling for doses and leaving vaccine makers exasperated.
Covid-19 news: US supports temporary waiver on vaccine patents newscientist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newscientist.com Daily Mail and Mail on Sunday newspapers.
China ready to discuss COVID-19 vaccine patents within WTO
Washington had already declared that it would be in favour of suspending intellectual property rights for COVID-19 vaccines.
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The spokesperson for the Chinese Foreign Ministry, Wang Wenbin, on Thursday, said China is prepared to discuss sharing patents for the Coronavirus vaccines within the World Trade Organisation (WTO).
Washington had already declared that it would be in favour of suspending intellectual property rights for COVID-19 vaccines.
The U.S. said that it would actively engage in talks on this matter within the WTO.
The International Federation of Pharmaceutical Manufacturers & Associations said it was disappointed with this decision.
Indian vaccine makers feel that the decision of the US administration to support a patent waiver for Covid-19 vaccines is a welcome step, but it may mean very little in terms of giving immediate access unless innovator companies come forward to partner. Even if technology is made available immediately, it would take nine months to a year to develop the processes and commercialise the same, they say. Vaccines are biological products using viruses, and manufacturing them involves an extremely complex process. Any change in that process can result in failure to get the right vaccine candidate, warns the Indian industry. US pharmaceutical associations, however, feel that the decision to support the patent waiver would weaken already-strained supply chains.