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Pin to quick picksAstrazeneca Share News (AZN)

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Share Price: 12,472.00
Bid: 12,492.00
Ask: 12,496.00
Change: 74.00 (0.60%)
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WTO chief welcomes COVID shot patent plan, drugmakers balk

Wed, 16th Mar 2022 14:06

March 16 (Reuters) - The World Trade Organization (WTO) praised a provisional deal to waive patent rights for COVID-19 vaccines after more than a year of deadlock, though drugmakers said the move risked undermining the industry's ability to respond to future health crises.

The United States, the European Union, India and South Africa agreed on Tuesday on key elements for a waiver.

It now needs the backing of the 164 members of the WTO, which takes decisions based on consensus, so rejection by just one country could still block an accord.

"This is a major step forward," WTO Director-General Ngozi Okonjo-Iweala said after Wednesday's agreement was announced. "But we are not there yet. We have more work to do to ensure that we have the support of the entire WTO membership."

If approved, the agreement would mean countries could permit domestic manufacturers to produce vaccines without patent-holder consent for three or five years. But only developing countries accounting for less than 10% of global exports of COVID-19 shots in 2021 could do this.

That would appear to exclude China but clear India, which banned vaccine exports for much of 2021.

Global drugmakers in the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) said the move could undermine their ability to respond to future crises.

"Biopharmaceutical companies reaffirm their position that weakening patents now when it is widely acknowledged that there are no longer supply constraints of COVID-19 vaccines, sends the wrong signal," IFPMA director general Thomas Cueni said.

The People's Vaccine Alliance, a coalition of over 90 campaign groups, said the proposal ignored other intellectual property barriers such as trade secrets and failed to include treatments that could save millions of lives.

"In a crisis, half measures are not acceptable," it said.

The provisional agreement says WTO members should decide within six months on an extension to cover diagnostics and therapeutics.

Pfizer declined to comment on the initiative and its German vaccine partner BioNTech had no immediate comment. The two have pledged to provide 2 billion doses of their COVID vaccine to low and middle income countries in 2021 and 2022.

AstraZeneca, the maker of another major COVID vaccine, also declined to comment.

COVAX, global programme to provide vaccines to poorer nations, has been struggling this year to place more than 300 million doses, as supply and donations have ramped up.

Poorer nations have face challenges ranging from limits on cold-chain shortage to vaccine hesitancy and inadequate funds to support distribution. (Reporting by Ludwig Burger and Philip Blenkinsop Editing by Edmund Blair and Mark Potter)

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AstraZeneca announces positive lung cancer treatment trial results

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UK shareholder meetings calendar - next 7 days

Friday 5 April 
Faron Pharmaceuticals LtdAGM
VPC Specialty Lending Investments PLCGM re capital return via B share scheme
Monday 8 April 
Premier African Minerals LtdAGM
Tuesday 9 April 
Ethernity Networks LtdEGM re board appointments and option grants
Wednesday 10 April 
Valereum PLCAGM
Wincanton PLCGM re takeover by GXO Logistics Inc
Thursday 11 April 
AstraZeneca PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Biden, Senator Bernie Sanders push companies to cut cost of asthma inhalers, prescription drugs

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UK's FTSE 100 pressured by stronger pound; miners climb

FTSE 100 flat, FTSE 250 up 0.2%

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CORRECT: AstraZeneca, Daiichi make US progress with licence approvals

(Correcting the description of extravascular haemolysis' effects on patients with paroxysmal nocturnal haemoglobinuria)

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London close: Stocks turn red on return from Easter break

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AstraZeneca and Daiichi make US progress with latest licence approvals

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