Ultimate magazine theme for WordPress.

Elizabeth Warren exults at the news of a Biden move on COVID vaccine patents

On Wednesday, the Biden administration backed the IPR waiver for COVID-19 vaccines, a move designed to boost production and get more of the world vaccinated. The news came in the middle of a Yahoo Finance interview with Massachusetts Senator Elizabeth Warren.

“Fantastic!” she said when she heard the news, raising her hands in the air in a double fist pump (after 18 minutes in the video above). “I am delighted.”

The move reversed the position of the Biden government and came after pressure from liberal Democrats such as Warren. In a statement on the decision, US Trade Representative Katherine Tai noted that “extraordinary circumstances of the COVID-19 pandemic require extraordinary action.”

The pharmaceutical industry has fought to forgo patent protection for drug manufacturers, arguing that it discourages the industry from taking risks and investing in making new drugs. Shares of COVID-19 vaccine makers Moderna (MRNA) and BioNTech (BNTX) fell 8% and 6%, respectively, during Thursday morning trading.

‘A humanitarian issue’

Asked earlier in the interview about a potential patent exemption, Warren said that “now is not the time to protect the billions of dollars in profits for these companies.” She added that speed was essential “as a humanitarian issue and quite frankly it is just a matter of our international relations.”

Elizabeth Warren is responding in real time to news that the Biden administration is backing a move to suspend patent protection for COVID-19 vaccines.

Although more than 1.2 billion vaccine doses have been given worldwide, The New York Times notes that there is a big difference in vaccination coverage between some countries. No doses have been administered in some countries, according to The Times. An exemption from patents could in theory allow the production of cheaper generics and increase vaccine dosages around the world, including in cases where cases are increasing sharply.

“We need to get those vaccines into the arms of as many people as possible, not do what a handful of already billionaire drug companies want us to do to protect their profits,” Warren told Yahoo Finance.

Story continues

Warren spoke to Yahoo Finance Editor-in-Chief Andy Serwer for an episode of “Influencers with Andy Serwer,” a weekly series of interviews with leaders in business, politics and entertainment.

Warren ran for president in the Democratic primary as a more progressive alternative to President Joe Biden, but has supported his agenda since taking office. She recently released a new book, “Persist,” with stories that she believes illustrate further changes Biden could make over the next 100 days.

“My job is to help him succeed as president,” she said.

An ‘unprecedented step’

The move to COVID vaccines received immediate support from Democratic lawmakers, including Warren, who led the print campaign alongside figures like Senator Bernie Sanders and Connecticut Deputy Rosa DeLauro. Countries like India and South Africa – which have asked the World Trade Organization (WTO) to renounce intellectual property protection – could benefit from easier access to vaccines if other members of the organization agree to the exemption.

A pharmaceutical industry source told Reuters the industry would fight to make sure any waiver was as limited as possible. And the trade group PhRMA called the move an “unprecedented move that will undermine our global response to the pandemic and jeopardize security.”

A woman receives her first dose of Pfizer’s coronavirus vaccine in Aberdeen, Maryland. (Chip Somodevilla / Getty Images)

There will likely be public support behind the move as pharmaceutical companies working on the COVID vaccines have made sky-high profits during the crisis. Pfizer (PFE) recently reported that its vaccine generated sales of $ 3.5 billion in the first quarter of 2021 alone. That figure translates to approximately $ 900 million in pre-tax profit for the company.

Pfizer did not accept funding from the US government for the development of the coronavirus vaccine, although the company’s partner, BioNTech, did accept support from the German government. Still, the US government has bought millions of doses from the company. Other companies, such as Moderna, have received funding from the US government during the development process.

Moderna had previously announced that it “would not enforce our COVID-19-related patents against those who make vaccines designed to combat the pandemic.”

Certainly, the support of the Biden government does not guarantee that WTO members will adopt an exemption, although European Union officials were open on Thursday to at least discuss the matter.

“Those negotiations will take time given the consensus-based nature of the institution and the complexity of the issues involved,” Ambassador Tai said in her statement.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

A major small business incentive program is now largely penniless

We are in a competition with China “on the most fundamental questions facing the world”: Biden ally

Charlie Munger: ‘Bernie Sanders has basically won’ on income inequality

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube and Reddit.

Comments are closed.

Situs sbobet resmi terpercaya. Daftar situs slot online gacor resmi terbaik. Agen situs judi bola resmi terpercaya. Situs idn poker online resmi. Agen situs idn poker online resmi terpercaya. Situs idn poker terpercaya.

situs idn poker terbesar di Indonesia.

List website idn poker terbaik.

Game situs slot online resmi