European Union (EU) President, Ursula von der Leyen, has intimated that the bloc is “ready to discuss” lifting intellectual;property protections on COVID-19 vaccines. patents
In a video address to the European University Institute in Florence, von der Leyen said the bloc would;discuss “any proposal that would tackle the COVID crisis in an effective and pragmatic way”.
Her comments come after the US backed a proposal to waive COVID-19 vaccine patents,;amid ongoing World Trade Organization (WTO) discussions on the issue.
More than 100 countries had already indicated their support for the IP rights on coronavirus vaccines and treatments to be waived;in order to speed up production of jabs.
von der Leyen noted that the bloc is “ready to discuss how the US proposal for a waiver on intellectual property protections for Covid-19 vaccines could help achieve that objective.”
In the meantime, however, she called upon “all vaccine-producing countries to allow exports.”
Meanwhile, the GAVI vaccine alliance, a Geneva-based group that co-leads the global Covax program has welcomed the Biden administration’s support. The group, in a statement, urged Washington to help manufacturers to also transfer know-how to boost global production urgently.
“We recognize also the significance of the Biden administration’s commitment to work towards increasing raw material production, which will have an immediate impact on alleviating current global supply constraints”.
Despite the US’ backing, the WTO operates on the basis of consensus. This means that all member countries would have to agree to the proposal to waive vaccine patents before it can take effect.
Doing so would allow other countries the chance to manufacture Covid vaccines using the same technological processes as companies like Moderna, BioNTech/Pfizer and AstraZeneca
Vaccine makers’ shares plunge as US backs patent waiver
In the wake of the US’ decision to back patent waivers, stocks of major pharmaceutical companies that have produced vaccines, including Moderna, BioNTech and Pfizer dropped.
According to US premarket trading reports, Pfizer stock declined by 3.4%, while BioNTech slumped 7.3%. Novavax lost 2.8%, Curevac slipped 4.9% and Moderna Inc. fell by 1.7%.
In Asia, CanSino Biologics Inc., which makes one of China’s domestic vaccines, plunged by 15%. Walvax Biotechnology Co. dropped 11% and Chongqing Zhifei Biological Products Co. fell 8.7%. Japan’s, JCR Pharmaceuticals Co., a local partner for AstraZeneca Plc’s vaccine, also dropped 1.4%.
As a result, the Pharmaceutical Research and Manufacturers of America has expressed opposition to the Biden administration’s decision. The trade group’s members include vaccine makers such as AstraZeneca, Pfizer and Johnson & Johnson.
The group’s CEO, Stephen J. Ubi, posited that the decision would “undermine global response to the pandemic”.
“In the midst of a deadly pandemic, the Biden Administration has taken an unprecedented step that will undermine our global response to the pandemic and compromise safety.
“This decision will sow confusion between public and private partners, further weaken already strained supply chains and foster the proliferation of counterfeit vaccines.”
Read Also: Fuel imported at GHS2.80, sold at GHS6.00, why the price jump?