WTO agrees on free patents for COVID vaccines – as they are becoming obsolete

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All 164 members of the World Trade Organization WTO reached an agreement on Friday morning after two years of negotiations on the release of patents on Corona vaccines. Politicians around the world have been advocating for this for some time, but so far a deal has been held back by the pharmaceutical industry. The deal comes at a time when there is actually no longer any demand for Corona vaccines.

Since the beginning of the corona crisis, calls have been made from various angles that pharmaceutical companies such as Pfizer and Moderna should release the patents on their Corona vaccines.

In this way, poorer countries would have easier access to the vaccines, because they can then be produced there. Buying vaccines in large quantities is not financially an option for every country.

For a long time, the pharmaceutical industry was against the proposal. The argument was that this would lead to disruptions in production. According to the international interest Association IFPMA, companies that do not produce vaccines lack the know-how and experience to put together such a Corona vaccine.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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