When the Biden administration speaks, stocks of major western drugmakers
Joe Biden has supported efforts to temporarily waive intellectual property rights for vaccination as a way to help supply vaccines to developing countries.
The president and his administration have come to put such pressure on them, demanding that the current rules be temporarily suspended. The Times reported that Biden’s major trade negotiators have insisted extra action as the nature of the pandemic.
Stocks of many manufacturers of coronavirus treatments fell as news emerged.
US trade representative Katherine Tai said he was in favor of the PF proposal that would allow the state to override patent rights for medical products while the pandemic is underway.
The measure is now supported by dozens of countries, as well as campaign groups and former world leaders, after South Africa and India first proposed by the World Trade Organization (WTO) last fall.
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Yesterday’s remarks by Tai represent a key move towards a campaign that will come to fruition after the Western economy.
“The extraordinary situation of the Covid-19 pandemic calls for extraordinary measures,” Thailand said. “The administration strongly believes in intellectual property protection, but supports abandoning Covid-19 vaccine protections to help end this pandemic.”
Biden, whose presidential campaign last year featured support for exemptions, said he supported the move. When asked if he supported the suspension, he told reporters:
Shortly after, Thailand issued a statement. “Once our vaccine supply is secured, the administration will continue to increase its efforts to work with the private sector and all possible partners to expand vaccine production and distribution,” she said.
