Reuters reported on June 9, that World Bank has announced that it does not support waiving intellectual property (IP) rights for Covid-19 vaccines at the World Trade Organisation (WTO) out of concern that it would hamperinnovation in the pharmaceuticals sector.

Major vaccine makers and the pharmaceutical industries have opposed the waiver from the WTO’s agreement on Trade-Related Aspects of Intellectual Property Rights (Trips), arguing that it would stifle innovation and do little to effectively increase vaccine supplies constrained by trade

barriers, shortages of components and a lack of manufacturing capabilities.

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