Providing COVID-19 vaccines to the poorest half of the world's population, which accounts for over 3.5 million people, could cost less than the four-month profit of the ten largest pharmaceutical companies, the Oxfam international relief group said in a press release on Thursday
MOSCOW (Pakistan Point News / Sputnik - 14th May, 2020) Providing COVID-19 vaccines to the poorest half of the world's population, which accounts for over 3.5 million people, could cost less than the four-month profit of the ten largest pharmaceutical companies, the Oxfam international relief group said in a press release on Thursday.
The press release was issued ahead of a virtual meeting of the World Health Assembly that is scheduled for May 18 and will be attended by health ministers from 194 countries.
"Vaccinating the poorest half of humanity �3.7 billion people� against coronavirus could cost less than what the ten biggest pharmaceutical companies make in four months," the press release read.
According to the Gates Foundation estimates, procuring and delivering a safe and effective vaccine to the world's poorest people will cost $25 billion, while the top ten pharmaceutical companies' profit amounted to $89 billion last year, with an average of just under $30 billion every four months, Oxfam said.
"Oxfam warned that rich countries and huge pharmaceutical companies �driven by national or private interests� could prevent or delay the vaccine from reaching vulnerable people, especially those living in developing countries," the press release said.
Within this context, the organization also urged governments across the world, as well as pharmaceutical companies, to ensure the equitable distribution of vaccines, tests and treatments to all people, and to guarantee that they would be patent-free.
Similar proposals have already been made by the European Union in its draft resolution for the World Health Assembly. In particular, the bloc seeks the voluntary pooling of patents for coronavirus vaccines, treatments and tests. If the resolution is adopted, it would ensure that all countries would be able to produce or import low-cost versions of any available vaccines, treatments and tests. However, Oxfam said, citing leaked documents, that Washington intends to insist on respecting the patents of the pharmaceutical industry, giving pharmaceutical companies exclusive rights to produce and set prices for any vaccines, treatments and tests they develop.
