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Axios

The European Union says that the waiver of vaccination patents is not a “magic bullet”.

European leaders have increased their criticism of the United States’ support for a proposal to waive certain patent protections for coronavirus vaccines. European Council President Charles Michel said on Saturday that waiver was not “the magic bullet,” AP reports. Why It Matters: Leaders instead urged President Biden to lift U.S. export restrictions on vaccines, arguing it would have greater implications for vaccine manufacturing and distribution. Receive market news worthy of your time at Axios Markets. Subscribe for Free The proposal, put in place before the World Trade Organization by South Africa and India, will help increase vaccine production and deliver doses to developing countries. The proposal is working its way through the WTO, although all 164 member states must agree. The decision and negotiations on it are expected to take months, according to Reuters. What they say: “We do not think in the short term, th According to the AP, it is the miracle cure,” said Michel on the second day of a European Union summit in Portugal about the proposal for an exception. “I see more risks than opportunities,” said Chancellor Angela Merkel . “I don’t think that releasing patents is the solution to supply more people with vaccines.” “I urge the US very clearly to end the ban on exports of vaccines and of the components of vaccines that prevent them from being produced” said French President Emmanuel Macron. The big picture: While the US has strictly limited the export of American-made vaccines, the EU has distributed around 200 million doses to countries outside the 27-nation bloc, according to the AP. The waiver’s critics have warned that deter pharmaceutical companies from starting research into emergency vaccines and drugs in the future and set a dangerous precedent. Also, the waiver may not close the gaping global divide in vaccine access as quickly as its proponents due to a lack of financial logistical support and manufacturing capacity could limit their impact, reports Caitlin Owens of Axios. Get more from Axios and subscribe to Axios Markets for free.

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