Oliver Schacht, Chair of the International Council of Biotechnology Associations, released the following statement in response to a decision by the World Trade Organization (WTO) Ministerial Conference (MC12) to endorse a COVID-19 vaccine intellectual property waiver:
“The new WTO agreement will make it far harder for innovative small biotech companies to raise finance to develop their innovations against the next threat and does nothing to solve the immediate access to vaccines challenges the globe faces.”
“Intellectual property is what drives global collaboration and scientific development and has led to the development and delivery of over 12 billion COVID vaccines. The WTO agreement sends an unfortunate signal to the global community that IP is a barrier to public health rather than an enabler of innovation. This is an entirely unhelpful outcome.”
“Biotech firms throughout ICBA member countries stand ready to support initiatives that would genuinely help put the COVID pandemic behind us and lament the decision to waiver IP. We encourage the global community to focus on improving vaccine utilization, healthcare infrastructure and distribution, and addressing vaccine hesitancy in the developing world.”
