World Bank Opposes Vaccine Intellectual Property Waiver

World Bank does not uphold forgoing protected innovation rights for COVID-19 vaccines World Trade Organization (WTO) out of concern that it would hamper development in the pharmaceuticals sector.

“We don’t support that, for the reason that it would run the risk of reducing the innovation and the R&D in that sector,” World Bank President David Malpass said when asked whether he backs a WTO immunization IP waiver, which India, South Africa and other developing business sector nations contend is expected to extend vaccine access.

Major vaccine developers pharmaceutical industries were against the waiver from the WTO’s concession to Trade-Related Aspects of Intellectual Property Rights (TRIPS).

They said that it would smother development and do little to effectively increase vaccine supplies constrained by trade barriers, shortages of components, and a lack of manufacturing capabilities.

Malpass on Tuesday reiterated his call for the wealthy countries to quickly donate their excess vaccine doses to the developing world “as quickly as possible.”

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