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5/5, 9:15 PM (Source: TeleTrader)
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US backs waiver of vaccine patent protections

The United States supported on Wednesday waivers of COVID-19 vaccine patent protections in an effort to expand access to jabs all across the globe, prompting stocks of Pfizer, BioNTech and Moderna to turn to losses.

"This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures. The Administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines," Trade Representative Katherine Tai stated.

There are currently three companies making domestic coronavirus vaccines in the US, including Pfizer/BioNTech cooperation as well as Moderna. If the notion is agreed upon within the World Trade Organization, poorer countries worldwide will greatly increase their chance of obtaining critically needed vaccines.

Breaking the News / ND