Support for patent waiver ‘monumental’

WASHINGTON: President Joe Biden yesterday threw his support behind waiving intellectual property rights for Covid19 vaccines, bowing to mounting pressure from Democratic lawmakers and more than 100 other countries, but angering pharmaceutical companies.

Biden voiced his support for a waiver — a sharp reversal of the previous US position — in remarks to reporters, followed swiftly by a statement from his top trade negotiator, Katherine

Tai, who backed negotiations at the World Trade Organisation.

‘‘This is a global health crisis, and the extraordinary circumstances of the Covid19 pandemic call for extraordinary measures,’’ Tai said, amid growing concern that big outbreaks in India could allow the rise of vaccineresistant strains of the deadly virus, undermining a global recovery.

Shares in vaccine makers Moderna Inc and Novavax Inc dropped several percent in regular trade, although Pfizer Inc stock fell only slightly.

WHO head Tedros Adhanom Ghebreyesus called Biden’s move a ‘‘Monumental moment in the fight against #Covid19’’ on Twitter, and said it reflected ‘‘the wisdom and moral leadership of the United States’’.

Pharmaceutical companies working on vaccines have reported sharp revenue and profit gains during the crisis. The industry’s biggest lobby group warned that Biden’s unprecedented step would undermine the companies’ response to the pandemic and compromise safety.

One industry source said US companies would fight to ensure any waiver agreed upon was as narrow and limited as possible.

Biden’s decision comes amid a devastating outbreak in India, which accounted for 46% of the new Covid19 cases recorded worldwide last week, and signs the outbreak is spreading to Nepal, Sri Lanka and other neighbours. — Reuters