62 Nations Including India Propose To Waive Patents On COVID-19 Related Materials Including Vaccines For Three Years

As many as 62 nations have come together as co-sponsors of a proposal to waive the patents on COVID-19 related medical products for three years, reports Economic Times.

The co-sponsors of the waiver proposal include India, South Africa, Indonesia, Pakistan, and other nations.

The said proposal on Trade-Related Intellectual Property Rights (TRIPS) Agreement waiver was submitted at the World Trade Organisation on bygone Friday (21 May). It is now likely to be taken up in an informal meeting of the TRIPS Council on 31 May.

The proposal involves a waiver for vaccines, diagnostics, PPE kits, therapeutics, medical devices, raw materials, components, and the methods and means to manufacture them.

The development gains significance as a waiver could significantly boost the production of commodities like vaccines which are available in short supply.