PATENT-FREE VACCINE IS NOT ENOUGH TO FIGHT CORONAVIRUS
HOSPITALISATION COST BEYOND COMMON MAN’S REACH
2021-05-17 11:16
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If the primary purpose of the World Trade Organization is “to open trade for the benefit of all,” it may be time for WTO to revisit its agreement on trade-related aspects of intellectual property rights (TRIPS) to do away with patents on Covid vaccines as well as drugs to hopefully save millions of lives across the world. The global vaccine market this year could be closer to $28 billion. The market size of Covid medicines — mostly unproven and hospital-administered — is several times bigger. IPR contributes a substantial portion of Covid vaccine and drug prices. India is among several WTO members, especially those from the lower- and middle-income group, to demand patent waiver for vaccines.