THIS WEEK’S TOPIC: Should a temporary waiver of patent rights be granted for Covid-19 vaccines?
Yes, but let us dive deeper into three areas that need to be solved even after a temporary waiver of patent rights is achieved.
First, availability. Governments around the world must work fast to share resources. Some countries have excess vaccine doses, while others have none. In Nepal for example, about 40 per cent of Covid-19 tests are positive. Without vaccines, their healthcare system of 2000 ICU beds and 600 ventilators for a population of 30 million is on the verge of collapsing.
Second, affordability. With high-tech mRNA vaccines like Pfizer-BioNTech and Moderna shown to provide 95 per cent efficacy, technology transfer from these companies need to happen at a rapid pace throughout the world. Many more suppliers can then produce these vaccines, increase global production and bring down costs dramatically.
Finally, access. Regulators and public health agencies within countries must work in tandem with vaccine producers and suppliers to ensure that precious time is not wasted in getting the vaccines to the people. This must be done without compromise to stringent rules during testing and approvals.
Mario Singh
Chief Executive Office
Fullerton Markets