Excellent news for IDT. It is in a strong position now to negotiate a deal with major companies. Give it to us or else we ll make our own.
Australia to support waiving intellectual property rights for COVID-19 vaccines
By foreign affairs reporter Stephen Dziedzic
Posted 17h ago17 hours ago, updated 17h ago17 hours ago
India is pushing to make it easier for poorer countries to manufacture vaccines.(AP: Rafiq Maqbool)
Trade Minister Dan Tehan says Australia will support an international push to waive intellectual property (IP) protections for COVID-19 vaccines as soaring infection rates across the globe prolong the pandemic and create ripe conditions for new variants.
Key points:
India and South Africa have spearheaded the campaign to change World Trade Organization (WTO) rules in an effort to make it easier for low and middle-income countries to manufacture and sell cheaper generic copies of COVID-19 vaccines produced by multinational pharmaceutical giants such as Pfizer.
- A waiver would allow for the manufacture and sale of cheaper versions of COVID-19 vaccines
- The US declared its support for waiving intellectual property rights on vaccines in May
- A World Trade Organization meeting this month is a chance for countries in favour of waiving IP for vaccines to push their case
Earlier in the year the United States also threw its weight behind the proposal, saying "extraordinary measures" were needed to ramp up global production of vaccines to fight the spread of the virus.
Australia's position has always been slightly more ambiguous.
While the federal government welcomed the Biden administration's announcement and has repeatedly expressed its support for negotiations on the issue, it has stopped short of expressing support for the waiver itself.
LIVE UPDATES: Read our blog for the latest news on the COVID-19 pandemic
Several advocacy groups that have been pressing the government to back the waiver met with Mr Tehan on Tuesday and said the minister made a private commitment that Australia would support the proposal.
Mr Tehan seemed to publicly confirm that position when reporters asked him to clarify Australia's stance.
Dan Tehan had previously said the government was "prepared to look at a vaccine waiver". (ABC News: Matt Roberts)
"Well, we have always said we will support a TRIPS (trade-related aspects of intellectual property) waiver when it came to COVID-19," Mr Tehan said.
"When the US came out and said this, the Prime Minister welcomed the news.
"We continue to work constructively in Geneva to do everything we can to expand the production of vaccines globally because we need everyone across the globe to get access to a vaccine ultimately if we are to be safe."
Human rights and advocacy groups that have been campaigning on the issue said the government's position had clearly shifted.
How COVID-19 vaccine patents are influencing our path out of the pandemic
As some people defend the role of intellectual property in medical research, others say restrictive patents are holding up the global vaccine effort and could 'threaten the whole world's progress'.
Read more
In June, for example, Mr Tehan said the government was "not opposed" to the idea and said the government was "prepared to look at a vaccine waiver" but went no further.
That same month, a senior official from the Department of Foreign Affairs and Trade, James Baxter, said Australia was "open to any solution, including a possible waiver, that will support widespread and equitable access to vaccines".
Patricia Ranald, convener of the Australian Fair Trade and Investment Network, welcomed Mr Tehan's "change from support for negotiations, to actual support for the TRIPS waiver", adding though that "actions speak louder than words".
"We urge the government to act by expressing unequivocal public support in meeting with the Indian government and at the WTO TRIPS council meeting on September 14."
That WTO meeting is shaping up as a crucial one for the countries championing the proposal.
The waiver has overwhelming support from less wealthy countries, but several European nations blocked the proposal at a WTO meeting earlier this year, in part because they fear waiving IP rights might discourage pharmaceutical companies from ploughing money into research and development.
Australia tried to help negotiate a compromise which would instead help poorer countries hammer out manufacturing agreements with pharmaceutical companies, but the push floundered.
The federal government has also warned that the waiver will not be enough by itself to massively ramp up the production of COVID-19 vaccines globally, largely because most countries simply do not have the advanced production facilities or skilled workers needed to produce them.
- Forums
- ASX - By Stock
- IDT
- Australia to support waiving I.P.R for COVID-19 vaccines
Australia to support waiving I.P.R for COVID-19 vaccines
-
- There are more pages in this discussion • 21 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add IDT (ASX) to my watchlist
|
|||||
Last
11.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $49.40M |
Open | High | Low | Value | Volume |
11.5¢ | 11.5¢ | 11.5¢ | $4.802K | 41.75K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 26927 | 11.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
12.0¢ | 132273 | 8 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 26927 | 0.115 |
10 | 543275 | 0.110 |
5 | 600238 | 0.105 |
2 | 68666 | 0.100 |
1 | 30000 | 0.099 |
Price($) | Vol. | No. |
---|---|---|
0.120 | 132273 | 8 |
0.125 | 338053 | 5 |
0.130 | 120481 | 3 |
0.135 | 498000 | 3 |
0.140 | 242737 | 5 |
Last trade - 12.36pm 29/08/2024 (20 minute delay) ? |
Featured News
IDT (ASX) Chart |