Biden’s Support for Waiving Intellectual Property Rights for Coronavirus Vaccine

The U.S. government is supporting the World Health Organization’s request to waive intellectual property rights for the coronavirus vaccine. This support aims to help end the coronavirus pandemic globally. President Joe Biden’s decision has been met with dissatisfaction from pharmaceutical companies.

According to Reuters, U.S. President Joe Biden announced his support on Wednesday, May 5 (15th of Ordibehesht) for waiving intellectual property rights for COVID-19 vaccines. This decision was made due to intense pressure from Democratic lawmakers and more than 100 other countries, including India and South Korea. Pharmaceutical companies are strongly dissatisfied with this decision.

Katherine Tai, the U.S. Trade Representative, said in a statement: “This is a global health crisis and the extraordinary circumstances of the coronavirus pandemic require special measures.”

Pharmaceutical companies working on coronavirus vaccines have earned significant revenue and profits throughout the crisis. The largest lobbying group in the industry has warned that Biden’s unprecedented step will weaken companies in fighting the coronavirus pandemic.

According to Reuters, Joe Biden had promised this exemption during his presidential election campaign.

Source: DW