Activists stand outside Pfizer Headquarters demanding that U.S. President Joe Biden support “TRIPS Waiver”
Image Source: 
Sipa USA/Anthony Behar

Monica de Bolle (PIIE) and Maurice Obstfeld (PIIE)

The Biden administration’s temporary waiver of intellectual property (IP) rights on COVID-19 vaccines was a welcome step but will do little to control the pandemic quickly. Cumbersome bureaucratic procedures will delay rapid suspension of IP protections, and many developing countries lack the technical means to produce sophisticated vaccines, leaving them at the mercy of global supply chains.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
Sipa USA/Anthony Behar

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