Pfizer, Moderna shares plummet after Biden administration backs a COVID-19 vaccine patent waiver

Katherine Tai.
(Image credit: SARAH SILBIGER/POOL/AFP via Getty Images)

The United States will advocate for waiving COVID-19 vaccine patent protections in discussions with the World Trade Organization, U.S. Trade Representative Katherine Tai announced Wednesday.

The Biden administration "believes strongly in intellectual property protections," Tai said in a statement, but the White House will back the waiver given the "extraordinary circumstances of the COVID-19 pandemic." The administration has faced pressure to support the measure, which is aimed at increasing vaccinations around the world — especially in countries experiencing a surge in infections, like India — without having to rely solely on exports.

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Tim O'Donnell

Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.