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Pfizer and Moderna fall after Biden administration backs COVID-19 vaccine patent waiver

The United States will advocate for the lifting of patent protection against the COVID-19 vaccine during discussions with the World Trade Organization, Trade Representative Katherine Tai said on Wednesday. The Biden administration “strongly believes in protecting intellectual property,” Tai said in a statement, but the White House will support the waiver given the “extraordinary circumstances of the COVID-19 pandemic.” The administration has faced pressure to back the measure, which aims to boost immunizations around the world – especially in countries with spike in infections, like India – without having to rely solely on exports. These extraordinary times and circumstances call for extraordinary measures. The United States supports lifting of intellectual property protection on COVID-19 vaccines to help end the pandemic and we will actively participate in @WTO negotiations to achieve this. pic.twitter.com/96ERlboZS8 – Ambassador Katherine Tai (@AmbassadorTai) May 5, 2021 Supporters were happy with the news, but soon after Tai’s announcement, stocks from drug companies that produced vaccines, including Moderna and Pfizer, have fallen. It seems to me that the Biden administration has decided to put its weight behind a patent waiver on Covid vaccines. This is what it does to the stock prices of vaccine manufacturers. pic.twitter.com/zwh4Aekmvj – Kiran Stacey (@kiranstacey) May 5, 2021 It is still unclear whether the protections will actually be lifted as the 164 WTO members will have to agree on the issue, but the support of the states- States should definitely move the needle. Nervous Breakdown In America Is Right On TimeMitch McConnell, Asked About Liz Cheney Purge, Says ‘100% Of My Goal Is To Stop’ Biden The GOP Puts All His Eggs In A Dangerous Basket

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