US backs waiver on vaccine patents
Why is it in news?
- The US President announced support for waiving intellectual property protection for Covid-19 vaccines.
- If approved, the waiver would allow production of vaccines to be ramped up and provide more affordable doses for less wealthy countries.
- The advocates of the move say it would increase global vaccine production.
- However, the drugs manufacturers argue it will not have the desired effect.
- India and South Africa were the leading voices in a group of about 60 countries which are trying to get the patents on vaccines set aside.
About Intellectual Property (IP):
- It describes creations or inventions which are protected by patents, copyrights and trademarks.
- These prevent the product from copying and allow the originator to be financially rewarded.
- Patents give innovating firms a short-term monopoly on production.
- The IP rules is likely obstacle in increasing the production of vaccines and other products needed to tackle the pandemic.
- The IP waiver might open up space for production of Covid vaccines with emergency use authorisations (EUA).
Source: Indian Express, bbc.