Shares of COVID vaccine makers plummet after US backs IP waiver - New York Post

Shares of Moderna and other makers of the COVID-19 vaccines plummeted after the US backed a plan to waive intellectual property protections for the life-saving products.

US Trade Representative Katherine Tai announced Wednesday that the US will advocate for the “extraordinary measures,” which would potentially enable companies in developing countries to manufacture their own versions of the vaccines, increasing the supply globally. .

“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.”

Weekly new cases of COVID-19 remain at record highs globally as the virus devastates many poor and developing countries. 

They say vaccine manufacturing is complex and waiving IP protections globally could cause new issues. 

The US supports the waiver of IP protections on COVID-19 vaccines to help end the pandemic and we’ll actively participate in @WTO negotiations to make that happen

Pfizer CEO Albert Bourla told the Wall Street Journal that waiving IP protections would discourage biotech companies from developing products for the next pandemic