Chart of the Day 6 May 2021 How Big Pharma share prices tumbled after Joe Biden’s vaccine patent waiver The US government has announced it will support the waiver of intellectual property protections for Covid-19 vaccines. Getty Images Sign UpGet the New Statesman's Morning Call email. Sign-up Shares in vaccine manufacturers Moderna, Novavax, BioNTech and Pfizer all fell on Wednesday as investors reacted to Joe Biden’s announcement that the US would support lifting intellectual property protections for Covid-19 vaccines. Big Pharma share prices tumble after Biden backs Covid patent waiver Indexed share price for Pfizer, BioNTech, Novavax and Moderna on 5 May 2021, where price for 9.30AM = 100 Until now, governments including the US, the UK, Switzerland and the EU have backed pharmaceutical companies by refusing to give way on intellectual property rights. More than 100 emerging economies first proposed a vaccine patent waiver at the World Trade Organisation in October, rightly fearing vaccines would be hoarded by the wealthy nations that developed them. Pharma companies argue patent rights are vital to guarantee income from new products – and that if this is undercut, future medical innovations could be inhibited. This is despite the fact that 97 per cent of funding for AstraZeneca’s vaccine was from public and charitable sources, while the mRNA technology behind the Pfizer and Moderna vaccines was also largely developed using taxpayer money. There are increasing concerns that the success of vaccine programmes in wealthy countries will be compromised if Covid-19 is allowed to continue spreading and mutating in other countries. “This is a global health crisis, and the extraordinary circumstances of the Covid-19 pandemic call for extraordinary measures,” said US trade representative Katherine Tai. › Why rapid transit systems in British cities lag behind Europe Nick Ferris is a New Statesman Media Group data journalist Subscribe To stay on top of global affairs and enjoy even more international coverage subscribe for just £1 per month!