US Backs Waivers For Coronavirus Vaccine Patents

The US signaled support on Wednesday for waiving patent protections for coronavirus vaccines, saying doing so would bolster the international response to the pandemic.

US Trade Representative Katherine Tai said that while the Biden administration is strongly supportive of intellectual property protections it supports their lifting for coronavirus vaccines "in service of ending this pandemic."

"We will actively participate in text-based negotiations at the World Trade Organization (WTO) needed to make that happen," she said in a statement. "Those negotiations will take time given the consensus-based nature of the institution and the complexity of the issues involved."

Shares of the three companies producing US-approved vaccines -- Moderna, Pfizer and Johnson and Johnson -- dropped sharply earlier after news of the then-potential announcement emerged.

WTO member states have reportedly been discussing in Geneva a potential temporary waiver sought by more than 100 developing nations. Details were not immediately available.

Tai said US support for the proposal is just one component of President Joe Biden's plan to combat the pandemic.

"The Administration's aim is to get as many safe and effective vaccines to as many people as fast as possible," she said.

"As our vaccine supply for the American people is secured, the administration will continue to ramp up its efforts—working with the private sector and all possible partners—to expand vaccine manufacturing and distribution. It will also work to increase the raw materials needed to produce those vaccines," she added -