Shares of drugmakers involved in the production of COVID-19 vaccines, including Pfizer and Moderna, fell on Thursday, a day after U.S. President Joe Biden’s plan to back intellectual property waivers on vaccines.
Biden threw his support behind a World Trade Organization waiver of intellectual property rights on vaccines to increase their availability to poorer nations including India, which is under the grip of a massive second wave of infection.
Implementing such a move could be a lengthy process, with all 164 WTO member countries required to arrive at a consent, but it could dent revenue and profit for companies that have invested heavily in the vaccines..
“It could clearl…
Keep on reading: Global pharma shares slide as Biden backs COVID-19 vaccine IP waiver