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Market Chatter: WHO's Director General Calls for Countries to Support Waiving COVID-18 Vaccine Patent Protections

05/07/2021 11:48

03:47 PM EDT, 05/07/2021 (MT Newswires) -- World Health Organization Director General Tedros Adhanom Ghebreyesus on Friday lauded the US administration's decision to support a temporary waiver of intellectual property protections for COVID-19 vaccines, and persuaded other countries to also join in backing the equitable distribution of the shots across the world, CNBC reported, citing Ghebreyesus at a press briefing.

Ghebreyesus urged the rest of the G-7 industrialized nations, including Canada, France, Germany, Italy, Japan and the UK to lend support to the World Trade Organization motion, which was proposed by India and South Africa in October last year.

As a US presidential candidate, Joe Biden changed the country's earlier stance of not supporting the motion.

Meanwhile, vaccine makers including AstraZeneca (AZN), Pfizer (PFE) and Johnson & Johnson (JNJ) are against the decision.

While France and Russia said they will support the US stance, Canada, Italy, Japan and the UK have not made their positions on the motion clear. European Commission President Ursula von der Leyen has said she is "ready to discuss any proposals that address the crisis in an effective and pragmatic manner," according to the report.

About 80 out of the 164 countries of the WTO are backing the motion, according to Associated Press.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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