On May 4, 2021, Secretary of Foreign Affairs Teddy Locsin Jr. tweeted a decades-old defense of strong intellectual property protection for vaccines that are of critical importance in our battle against COVID-19.
The World Health Organization , the African bloc and other developing countries in the WTO, progressive wings of political parties in national parliaments, and a group of over 170 Nobel Laureates and former heads of state, among others, have all expressed support for this proposal.
Policymakers and the general public must free themselves from the idea that stronger IPR protection always has a positive effect on innovation and growth. On one hand, stronger IPR protection reflects improvements in the rule of law and in the business climate of a country, which may encourage investments and promote growth.
Let’s think about a hypothetical scenario where patent rights for vaccines are temporarily suspended. What exactly is the “worst case scenario?” Will big pharmaceutical companies go bankrupt? Will there be no firms who will create a new vaccine in the event of a new pandemic? Previous studies do not suggest a “yes” to either of these questions. So what exactly is the fear, and what is its basis?Many parties are proposing alternatives.
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