The pharmaceutical industry, which thought it had entered the can-do-no-wrong stage of public esteem thanks to its development of COVID-19 vaccines in record time, just got taken down a peg by the Biden administration.
Drugmakers, which were counting on lavish profits from the vaccines, squealed like stuck pigs. Phrma, their leading trade group, called the policy “that will undermine our global response to the pandemic and compromise safety.” Shares of vaccine companies fell after the announcement Wednesday. Moderna, whose COVID vaccine is the firm’s only commercial product, fell nearly 10%.the formal announcement
Even some healthcare experts who support the waiver acknowledged that it probably won’t immediately get shots into the arms of people in India and South Africa, two countries that are being overwhelmed by COVID-19 and face a shortage of vaccines.
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