TRIPS waiver of COVID-19 vaccines: Impact on pharmaceutical industry and what it means to developing countries

The WTO was formed in 1995 and since then countries have abide by Trade Related Aspects of Intellectual Property Rights (TRIPS). The agreement provides for comprehensive plan for patenting and protection including those of medical supply units including vaccines and diagnosis. Recently developing countries such as India and South Africa have demanded TRIPS waiver for access to vaccines for all the developing countries The TRIPS waiver demanded, would apply to vaccines, diagnosis, and treatment related to COVID-19. The waiver is important as it would allow member state in researching, manufacturing, and supplying of vaccines. The proposal by the developing countries for temporary waiver of IP rights argues that IP could impede the supply of COVID-19 drugs and vaccines. However, there is no near consensus as most of the developed countries opposed this stance and they even argue that waiving TRIPS is not going to ramp up the manufacturing process. The pharmaceutical industry is also against this stance of developing countries, they put their argument forward that waiving of the IP will inhibit research and development of future prospects.