Stocks Tumble As White House Backs WTO Plan To Waive IP Protections For COVID Vaccines

In a major rebuke to the west’s biggest vaccine makers (including Pfizer, Moderna and J&J), President Joe Biden has decided to break with the Bill Gates-backed status quo and support a WTO initiative to make COVID-19 vaccine intellectual property open to all.

US stocks pulled back on the news, with the tech-heavy Nasdaq leading the selloff, as support for the WTO waiver proposal sponsored by India and South Africa would likely help accelerate the pace of vaccinations across the developing world.

Shares of Pfizer…

…and Moderna…

…were hit particularly hard since the success of the waiver would likely severely devalue their COVID vaccine business, which Pfizer said just yesterday will likely be a “durable revenue stream” as COVID vaccines likely become an annual dose like the flu vaccine.

Before announcing his divorce, Bill Gates recently doubled down on his opposition to the IP waiver proposal, insisting (seemingly without evidence) that poorer countries would be better off waiting to buy jabs from Pfizer, Moderna, J&J and others instead of rushing to make their own under an “open vaccine”-style paradigm.

It’s just the latest blow against Gates, the world’s de facto COVID vaccine czar, in what is shaping up to be a rough week for the billionaire.

Tyler Durden
Wed, 05/05/2021 – 15:23
Source: Zero Hedge News

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