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P. 16
C. TODAY
4 Things to Know
About Intellectual
Property and COVID-19
By Robert Grant, U.S. Chamber of Commerce
The new Omicron variant has laid clear the have been viable without strong IP protections.
need for a better global approach on the Strong IP protections provide investors with
distribution of COVID-19 vaccinations. Right a chance to make a return on their risky and
now, nearly half of the world’s population expensive endeavors, which often fail. In the
is fully vaccinated. Manufacturers are on event that new medical technologies succeed,
track to produce a global surplus of vaccine strong IP laws mean investors’ end product
supplies in 2022, yet despite almost 40 million can’t be stolen or misappropriated, at least for
vaccinations now being administered daily, only a short period of time.
6.3% of people in the lowest-income countries If governments begin nullifying IP laws, it will
have received a jab. There’s no debate that we become increasingly difficult for businesses
must bridge this divide. But there is debate as to invest in new technologies, like a new drug
to how we do it, and regrettably much of that compound or vaccine. After all, 75% of U.S.
debate is centered on intellectual property rights. investment in R&D comes from the private
sector. It typically costs a company $2.6 billion
Some governments, including the United States, to bring a single new medicine from bench to
are talking up a proposal at the World Trade bedside. If those new medicines or vaccines
Organization to waive intellectual property (IP) don’t have value in the marketplace — because
laws — such as patents and trade secrets — for no one owns the rights to them — they’ll be left
COVID-19 vaccines, suggesting this would help sitting in the lab. We need industry to pivot to
boost manufacturing and vaccination rates. finding solutions to new variants like Omicron
But this would lead to significant, unintended and future challenges, and so maintaining
consequences and is actually more likely to hurt transparent and predictable IP laws is a must.
not help pandemic response. Here’s what that Protecting IP makes the collaboration
policy would actually mean for global public and partnership needed to scale up
health efforts, now and in the future. vaccine production possible.
The assumption that IP is a barrier to
IP enables the investment and information-sharing is wrong. In fact, an
discovery of new cures, and waiving it effective IP system encourages companies to
would jeopardize innovation, including trust one another and work together. That’s
new/adapted vaccines to combat because IP protection provides the legal
COVID-19 variants like Omicron. foundation to turn competitive companies into
The available COVID-19 vaccines are the
product of decades of investment in research
and development — investment that wouldn’t
13 AMCHAM SOUTH CHINA
4 Things to Know
About Intellectual
Property and COVID-19
By Robert Grant, U.S. Chamber of Commerce
The new Omicron variant has laid clear the have been viable without strong IP protections.
need for a better global approach on the Strong IP protections provide investors with
distribution of COVID-19 vaccinations. Right a chance to make a return on their risky and
now, nearly half of the world’s population expensive endeavors, which often fail. In the
is fully vaccinated. Manufacturers are on event that new medical technologies succeed,
track to produce a global surplus of vaccine strong IP laws mean investors’ end product
supplies in 2022, yet despite almost 40 million can’t be stolen or misappropriated, at least for
vaccinations now being administered daily, only a short period of time.
6.3% of people in the lowest-income countries If governments begin nullifying IP laws, it will
have received a jab. There’s no debate that we become increasingly difficult for businesses
must bridge this divide. But there is debate as to invest in new technologies, like a new drug
to how we do it, and regrettably much of that compound or vaccine. After all, 75% of U.S.
debate is centered on intellectual property rights. investment in R&D comes from the private
sector. It typically costs a company $2.6 billion
Some governments, including the United States, to bring a single new medicine from bench to
are talking up a proposal at the World Trade bedside. If those new medicines or vaccines
Organization to waive intellectual property (IP) don’t have value in the marketplace — because
laws — such as patents and trade secrets — for no one owns the rights to them — they’ll be left
COVID-19 vaccines, suggesting this would help sitting in the lab. We need industry to pivot to
boost manufacturing and vaccination rates. finding solutions to new variants like Omicron
But this would lead to significant, unintended and future challenges, and so maintaining
consequences and is actually more likely to hurt transparent and predictable IP laws is a must.
not help pandemic response. Here’s what that Protecting IP makes the collaboration
policy would actually mean for global public and partnership needed to scale up
health efforts, now and in the future. vaccine production possible.
The assumption that IP is a barrier to
IP enables the investment and information-sharing is wrong. In fact, an
discovery of new cures, and waiving it effective IP system encourages companies to
would jeopardize innovation, including trust one another and work together. That’s
new/adapted vaccines to combat because IP protection provides the legal
COVID-19 variants like Omicron. foundation to turn competitive companies into
The available COVID-19 vaccines are the
product of decades of investment in research
and development — investment that wouldn’t
13 AMCHAM SOUTH CHINA
