Shares in major pharma companies fall in wake of US decision on vaccine IP
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Shares in major pharmaceutical companies fell sharply on the news that the US supports waiving intellectual patent protection for Covid-19 vaccines.
US Trade Representative Katherine Tai made the announcement on Wednesday afternoon in light of the ongoing global health crisis and the need for a much more robust rollout of vaccines around the world.
“The extraordinary circumstances of the Covid-19 pandemic call for extraordinary measures,” she said in a statement.
While the administration believes strongly in intellectual property protections, she argued that in the service of ending the pandemic, the US government supports the waiver of those protections for Covid-19 vaccines.”
Pfizer, Moderna, BioNtech, and Novavax share prices all plunged to session lows on the news.
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