Biden voiced his support for a waiver - a sharp reversal of the previous U.S. position - in remarks to reporters, followed swiftly by a statement from his top trade negotiator, Katherine Tai, who backed negotiations at the World Trade Organization.
“This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures," Tai said in a statement, amid growing concern that big outbreaks in India could allow the rise of vaccine-resistant strains of the deadly virus, undermining a global recovery.
Shares in vaccine makers Moderna Inc (MRNA.O) and Novavax Inc (NVAX.O) dropped several percent in regular trade, although Pfizer Inc (PFE.N)stock fell only slightly.
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The head of the World Health Organization, Tedros Adhanom Ghebreyesus, called Biden's move a "MONUMENTAL MOMENT IN THE FIGHT AGAINST #COVID19" on Twitter, and said it reflected "the wisdom and moral leadership of the United States."Dr. Amesh Adalja, senior scholar at the Johns Hopkins Center for Health Security, said such a patent waiver “amounts to the expropriation of the property of the pharmaceutical companies whose innovation and financial investments made the development of COVID-19 vaccines possible in the first place.”
But proponents say the pharmaceutical companies would suffer only minor losses because any waiver would be temporary - and they would still be able to sell follow-on shots that could be required for years to come.
Pfizer said on Tuesday it expects COVID-19 vaccine sales of at least $26 billion this year and that demand for the shots from governments around the world fighting to halt the pandemic could contribute to its growth for years to come.
Reuters, BBC
