Benzinga | Mar 29, 2021 07:23AM EDT

White House Contemplates Waiving-Off Patent Protections For COVID-19 Treatments

Amid rising pressure from developing countries, the White House is reportedly contemplating suspension of intellectual property protections for COVID-19 vaccines and treatments. According to CNBC, the move would allow other countries to replicate existing vaccines.

* Concerns have grown that the U.S. and a handful of other wealthy countries hold the right to a large amount of the global supply of the shot(s).

* The temporary suspension of IP protections would apply to all medical technologies to treat or prevent COVID-19.

* South Africa and India made a formal request to the World Trade Organization to waive the protections until the pandemic is over. Still, the issue was put aside without a resolution.

* "As part of rebuilding our alliances, we are exploring every avenue to coordinate with our global partners and are evaluating the efficacy of this specific proposal by its true potential to save lives," USTR spokesman Adam Hodge told CNBC.

* CNBC contacted Pfizer Inc (NYSE: PFE), Moderna Inc (NASDAQ: MRNA), and Johnson & Johnson (NYSE: JNJ) for comment.

* Price Action: PFE shares are trading 0.5% lower at $36.06, MRNA shares are down 0.2% at $133, and JNJ stock is down 0.7% at $163.78 in premarket trading on the last check Monday.