--- title: "White House Supports Waiving IP for COVID Vaccines, Sending Pharma Stocks Tumbling" description: "The Biden administration announced today that it supports the waiving of intellectual property (IP) protections for COVID-19 vaccines, as CNBC reports." date: "2021-05-05" modified: "2021-05-05" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/neoscope/white-house-supports-waiving-ip-covid" categories: - "Developments" - "Health & Medicine" tags: - "biden administration" - "coronavirus" - "covid19" - "vaccine" - "vaccines" - "white house" --- # White House Supports Waiving IP for COVID Vaccines, Sending Pharma Stocks Tumbling ![The Biden administration announced today that it supports the waiving of intellectual property (IP) protections for COVID-19 vaccines, as CNBC reports.]() *\Image: \Asian Development Bank / Futurism\\* The Biden administration announced today that it supports the waiving of intellectual property (IP) protections for COVID-19 vaccines, [*CNBC* reports](). The announcement sends a strong signal as much of the rest of the world is being crushed under a devastating new wave of cases and deaths. The US has rocketed ahead in securing vaccines for its population while other countries are lagging significantly behind — an unfortunate reality that has only highlighted the inequality between rich and poor nations around the world. "This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures," United States trade representative Katherine Tai wrote in a statement. "The Administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for COVID-19 vaccines." "As our vaccine supply for the American people is secured, the Administration will continue to ramp up its efforts — working with the private sector and all possible partners — to expand vaccine manufacturing and distribution," the statement reads. "It will also work to increase the raw materials needed to produce those vaccines." The news comes after the World Trade Organization urged its members to soften the rules around protecting vaccine IP. The move was backed by several Democratic members of Congress. "With this waiver, we can share vaccine recipes, largely developed with taxpayer dollars, while assuring reasonable royalties to American manufacturers," Lloyd Doggett (D-TX), chair of the House Ways and Means health subcommittee, [told the *Washington Post*](). "The best way to end the deadly global vaccine shortage is to enable more manufacturers to make vaccines." Investors weren't happy with the announcement. Stocks of several vaccine manufacturers including Moderna, BioNTech and Pfizer dropped sharpy following the news, according to *CNBC*. COVID-19 infections are off the charts in several countries, in large part due to dangerous new variants. India's daily cases exceeded 400,000 over the weekend. Morgues are overflowing, with the deceased being burned in front of hospitals in funeral pyres. Fortunately, at least some help is on the way coming from the US. The Biden administration [announced last week]() that it will ship raw materials to make vaccines to India to boost production in the country. Opponents of the move argue that loosening biotech's grip on its intellectual properties could harm innovation — a strikingly hollow criticism given the scale of the massive crisis facing humanity right now. ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()