- The Biden administration announced Wednesday that it supports waiving intellectual property protections for Covid-19 vaccines.
- The move comes as coronavirus infections surge to their highest levels in countries that have struggled to procure or distribute vaccines
WASHINGTON — The Biden administration announced Wednesday that it supports waiving intellectual property protections for Covid-19 vaccines, as countries struggle to manufacture the life-saving doses.
"This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures. The Administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines," United States Trade Representative Katherine Tai wrote in a statement.
"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," the statement added.
Stocks of major pharmaceutical companies that have produced vaccines, including Moderna, BioNTech and Pfizer, dropped sharply after news of the potential waivers first broke.
President Joe Biden at the White House on Wednesday affirmed that the White House would back the World Trade Organization's IP waiver proposal. "Yes, I'm going to talk about that later today. Yes," Biden said shortly before Tai's statement was released.
The Office of the U.S. Trade Representative did not immediately respond to CNBC's request for clarification.
The Biden administration's move comes as coronavirus infections surge to their highest levels in countries that have struggled to procure or distribute vaccines, highlighting a contrast with other nations, including the U.S., Canada and Britian.
In recent weeks, India has grappled with a staggering rise in new coronavirus infections. Over the weekend, India reported 400,000 daily cases, bringing the nation's cumulative total to 20,665,148 cases, according to figures compiled by Johns Hopkins. The spike may have been triggered by a highly contagious Covid variant, known as B.1.617, which was first identified in the country.
The variant has since been identified in other countries, including the United States.
This is breaking news. Please check back for updates.
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