Business Desk, Press24 News, New Delhi
Published by: Dimple Aladhi
Updated Thu, 10 Jun 2021 11:37 AM IST
WTO members agreed to initiate discussions on patent exemptions for vaccines, drugs and devices related to COVID-19.
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Although the EU, UK and Switzerland reiterated their opposition, they agreed to engage in written negotiations, for which a draft has been shared. Japan, Brazil, Australia, Canada and several other countries agreed to join the discussion to take the patent exemption decision.
India said in its statement in the formal meeting of the TRIPS Council on June 8-9 in Geneva regarding the relaxation of Intellectual Property Rights (TRIPS) provisions related to trade related aspects, that the country is ready to discuss every aspect of the proposal. In this context, in any form, whether it is a plenary meeting or a small group meeting, we are ready to talk.
India and South Africa had offered
It is noteworthy that India and South Africa had made the first proposal in October 2020 to temporarily exempt WTO member countries from certain provisions of the TRIPS Agreement for the prevention and treatment of Kovid-19.
If there is an agreement, it will take a few quarters for the plants to be able to start production. Pakistan, Malaysia, Argentina and other supporters believe that the waiver of patents and other intellectual property rights, along with access to raw materials and technology, will boost the production of drugs and vaccines. The current pace of production is very slow.
The Convention on Trade Related Aspects of Intellectual Property Rights (TRIPS) came into force in January 1995. It is a multilateral agreement on intellectual property rights such as copyright, industrial design, patent and protection of undeclared information or trade confidential information.
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