[Reuters]President Joe Biden on Wednesday threw his support behind waiving intellectual property rights for COVID-19 vaccines, bowing to mounting pressure from Democratic lawmakers and more than 100 other countries, but angering pharmaceutical companies. Shares in vaccine makers Moderna Inc and Novavax Inc dropped several percent in regular trade, although Pfizer Inc stock fell only slightly. Pharmaceutical companies working on vaccines have reported sharp revenue and profit gains during the crisis. Biden has come under intensifying pressure to share U.S. vaccine supply and technology to fight the virus around the globe. They say that pharmaceutical companies in rich and developing countries have already reached more than 200 technology transfer agreements to expand the delivery of COVID-19 vaccines, a sign the current system is working.

Source: Standard Digital May 06, 2021 11:41 UTC