U.S. markets close in 4 hours 2 minutes
  • S&P 500

    4,160.55
    +35.89 (+0.87%)
     
  • Dow 30

    34,004.52
    +273.63 (+0.81%)
     
  • Nasdaq

    13,993.87
    +136.03 (+0.98%)
     
  • Russell 2000

    2,248.82
    +1.11 (+0.05%)
     
  • Crude Oil

    63.08
    -0.07 (-0.11%)
     
  • Gold

    1,768.90
    +32.60 (+1.88%)
     
  • Silver

    26.01
    +0.49 (+1.92%)
     
  • EUR/USD

    1.1969
    -0.0014 (-0.12%)
     
  • 10-Yr Bond

    1.5550
    -0.0830 (-5.07%)
     
  • GBP/USD

    1.3784
    +0.0004 (+0.03%)
     
  • USD/JPY

    108.7660
    -0.1610 (-0.15%)
     
  • BTC-USD

    62,906.02
    -175.55 (-0.28%)
     
  • CMC Crypto 200

    1,380.86
    -0.09 (-0.01%)
     
  • FTSE 100

    6,983.50
    +43.92 (+0.63%)
     
  • Nikkei 225

    29,642.69
    +21.70 (+0.07%)
     

African Union backs call to waive IP rights on COVID-19 drugs

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.

JOHANNESBURG, Feb 25 (Reuters) - The African Union is backing calls for drugmakers to waive some intellectual property rights on COVID-19 medicines and vaccines to speed up their rollout to poor countries, the head of its disease control body said on Thursday.

South Africa and India, which both manufacture drugs and vaccines, made the proposal at the World Trade Organization (WTO) last year, arguing that intellectual property (IP) rules were hindering the urgent scale-up of vaccine production and provision of medical products to some patients.

They have faced opposition from some developed nations, but the backing of the African Union (AU) may give renewed impetus for the push to relax IP rules.

John Nkengasong, director of the Africa Centers for Disease Control and Prevention, told a news conference that IP transfer was a "win-win for everybody" that would address the huge inequalities in global public health.

He gave two examples where the developing world had suffered because of restricted access to medicines: the swine flu pandemic in the late 2000s and HIV/AIDS in the 1990s.

"In 1996, HIV drugs were available, and we saw how mortality in the developed world decreased drastically. But it would take 10 years before those drugs were accessible in Africa in any meaningful way," he said.

"In between, 12 million Africans died, so I just use those numbers to say: any IP transfer will be beneficial to everybody, because nobody wants to sit back and be proud of that sad event ... We want to be on the right side of history."

Nkengasong added the Africa CDC's regulatory taskforce had approved two versions of AstraZeneca's COVID-19 vaccine for emergency use, a day after Ghana received its first AstraZeneca doses from global vaccine distribution facility COVAX.

He said the developers of Russia's Sputnik V vaccine had submitted a "full dossier" of data to the Africa CDC and that in the coming days an expert panel would review the data and make a pronouncement.

"We have not received dossiers yet from China colleagues, but we remain optimistic that they will submit to us," he continued.

Several countries on the continent, including Egypt, Zimbabwe and Senegal, have already started rolling out Chinese COVID-19 shots. (Reporting by Alexander Winning in Johannesburg and Omar Mohammed in Nairobi Editing by Joe Bavier and Mark Potter)