President Joe Biden on Wednesday showed sharp reversal of the previous U.S. position, affirming his support behind waiving intellectual property rights for COVID-19 vaccines.
In remarks to reporters, Biden voiced his support for a waiver which followed swiftly by a statement from his top trade negotiator, Katherine Tai, who backed negotiations at the World Trade Organization.
“This is a global health crisis, and the extraordinary circumstances of the COVID-19 pandemic call for extraordinary measures," Tai said in a statement.
This move comes on the heels of growing concern that big outbreaks in India could allow the rise of vaccine-resistant strains of the deadly virus, undermining a global recovery.
Shares in vaccine makers Moderna Inc (MRNA.O) and Novavax Inc (NVAX.O) dropped several percent in regular trade, although Pfizer Inc (PFE.N)stock fell only slightly.
The head of the World Health Organization Tedros Adhanom Ghebreyesus called Biden's move a "MONUMENTAL MOMENT IN THE FIGHT AGAINST #COVID19" on Twitter, stressing that it reflected "the wisdom and moral leadership of the United States."
[embed]https://twitter.com/DrTedros/status/1390037666213900290?s=08[/embed]
Meanwhile, India is facing critical situation, reaching a record 412,262 new COVID-19 cases on Thursday and a record 3,980 daily death toll.
The infections in the world’s second most populous nation have surged past 21 million, with a death toll of 230,168, health ministry data show.
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