Pharmaceutical and biotech companies are also under pressure to try to avoid these measures on Monday.
Washington— Due to the current Covid-19 crisis facing India and South America, President Biden is under strong pressure from the international community and the party’s left wing to increase vaccine supply and reduce patent and intellectual property protection of coronavirus vaccines.
Pharmaceutical and biotech companies are also under pressure. They tried to avoid these measures on Monday because they may reduce future profits and jeopardize their business models. Pfizer and Monaco, the two largest vaccine manufacturers, announced measures to increase global vaccine supply.
The issue has been submitted to the General Council, one of the highest decision-making bodies of the World Trade Organization, and will be held this Wednesday and Thursday.
India and South America are urging the Security Council to shelve international intellectual property agreements that protect pharmaceutical companies’ trade secrets.
So far, the United States, the United Kingdom and the European Union have blocked the plan.
The president’s health adviser admitted that inside the White House, they were separated. Some people say that Biden must act ethically, and that the president and pharmaceutical industry executives standing together is a bad policy for him. Others say that exposing complex trade secrets that are tightly protected will not help expand the global supply of vaccines.
Having a formula to produce a vaccine does not mean that pharmaceutical companies can produce it, albeit at a slow rate, and opponents believe that such measures could harm innovation and entrepreneurship and affect the US pharmaceutical industry. Instead, they say that Biden can address global needs in other ways, such as putting pressure on patent-owned companies to donate large amounts of vaccines or sell them at cost.