WEAPONIZING THE COVID-19 VACCINE: THE GEOPOLITICAL STRUGGLE

Joseph Pelzman and Ofra Bazel-Shoham ()
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Ofra Bazel-Shoham: Department of Finance, Temple University, Broad Street, Philadelphia, PA, USA

Global Economy Journal (GEJ), 2022, vol. 22, issue 02, 1-20

Abstract: As the world continues to navigate a global pandemic that ignores national borders, it is not surprising to find a divide between the interests of vaccine-producing countries — and their entire supply chain networks for intermediates and raw materials — and countries that are primarily reliant on these producers for their vaccine consumption. This paper puts this debate in the context of a multi country strategic game where the major players have been able to produce a vaccine for COVID-19 and control the distribution of the vaccine and all its components.To address this issue of sovereign players, some have raised the possibility of a GATT/WTO intervention into COVID-19 vaccine sale and distribution. In addition, a legal battle is taking shape over lucrative patent rights for COVID-19 vaccines, with drug companies pitted against each other and government and academic scientists over who invented what. At the heart of the disputes is the billion-dollar question: Who can claim to have invented important elements of the COVID-19 vaccines?In June 2022, the WTO struck deals on a partial patent waiver for COVID-19 vaccines. Most observers believe that this change to the intellectual property rules will have limited impact on actual production for now because a current surplus of vaccines globally means there is little demand among vaccine makers to increase output. The implications are clear. The WTO compromise has allowed the existence of high hurdles for exports of products made under such a license. Given the limited WTO compromise agreement there are several options available to solve the problem of lack of access to the COVID-19 vaccine consuming nations at this stage.First, the US Supreme Court could invalidate each of the pharmaceutical companies’ patent requests. Second, individuals could file legal actions designed to disgorge the monopoly revenue of these pharmaceutical companies. If no legal action is taken, along these lines, and the WTO compromise is insufficient to solve the COVID-19 vaccine shortages in the developing world, then the developed countries will be opening the gate to PRC delivery of their COVID-19 vaccine to the entire developing and emerging markets.

Keywords: Adaptation; innovation; research; sci tech; scientific; technical; technology factor movements; FDI; foreign investment; international business (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S2194565922500099

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