Hours after I posted on “Intellectual Property,” the Biden Administration announced exactly what I wrote about — the hijacking of American patents relating to the Covid vaccine. That’s just great.
Moderna invested 10 years and hundreds of millions of dollars – developing the original mRNA technology. In the last few weeks Moderna turned its first profit. Now the pharmaceutical industry achieves a miracle in the space of one year and what happens? As the Wall Street Journal said: “In one fell swoop [Biden] has destroyed tens of billions of dollars in U.S. intellectual property, set a destructive precedent that will reduce pharmaceutical investment, and surrendered America’s advantage in biotech. . . .”
Angela Merkel has roundly criticized the decision to rip off the patents of pharma companies – “The protection of intellectual property is a source of innovation and must remain so in the future.” Other European governments feel the same way. But not America. . . .
Kimberly Strassel reported that “. . . the precedent of willy-nilly canceling patents will prove cataclysmic for drug innovation and health.” As I said in my earlier post – when a dreaded disease comes knocking on your door, where’s the incentive to help? The pharmaceutical companies will shrug their shoulders and say “why bother. . . .”
I am deeply concerned by this ransacking of intellectual property. And a lot of other things. You should be too.