US supports COVID-19 vaccine patent waiver plan

US supports COVID-19 vaccine patent waiver plan
Image: Joe Biden YouTube Grab

The United States has come ahead in support of waiving the Trade-Related Aspects of Intellectual Property Rights (TRIPS) on Covid-19 vaccines.

The decision may further speed up the inoculation drives worldwide. The position of the US government was announced by its trade representative Katherine Tai Wednesday.

The talks come amid the World Trade Organisation talks over easing trade rules globally in order to enable more countries to produce more of the life-saving vaccines.

The US had also stated earlier that it will do whatever is best to end the pandemic. “We are going to do what is in the best interest of ending the pandemic. We are already engaged in steps to increase vaccine production,” said White House deputy press secretary Karine Jean-Pierre.

Though, wealthy nations like the US and Britain among others were against the proposal to waive TRIPS.

As per them, the ban would stifle innovation at pharmaceutical companies. It will rob them off the incentive to make huge investments in research and development.

If India gets the proposed waiver of the agreement on TRIPS, it will substantially reduce the cost of vaccines.

Also, it will enable free flow of medicines, easy technology transfer across the world.

ALSO READ: New COVID-19 Strain Found In Andhra Pradesh; Here Is What You Must Know