On Monday, Finance Minister Nirmala Sitharaman sought the need to enable India to have access to critical raw materials and open sharing of vaccine technology to boost India’s vaccine production capacity to cope with the Kovid-1p epidemic.
“An important factor in increasing production capacity is the use of critical raw materials. While we talk about the global value chain and the need to open up trade to countries to facilitate free movement of raw materials and critical APIs (active pharmaceutical ingredients), we see that the movement of critical raw materials for vaccine making is finding some hiccups. We want to address this as soon as possible, “he said at the Governor’s Seminar on” Cooperation for a Sustainable Future “held as part of the Asian Development Bank’s annual virtual meeting.
Sitharaman added that the country needs to be open about sharing vaccine-based technology. “The TRIPS agreement needs to be looked at in the context of the epidemic. Vaccine nationalism can no longer exist. Countries need to be flexible in this regard, he said while attending the Governor’s Seminar on “Cooperation for a Sustainable Future” held as part of the ADB Annual Meeting 2021.
On October 2, 57 co-sponsors, along with 57 other members, including India and South Africa, co-sponsored a proposal to exempt them from certain provisions for submission to the WTO Council for Intellectual Property Rights (TRIPS). TRPS Agreement on the Prevention, Treatment and Preservation of COPID-19.
They ensured that intellectual property rights such as patents, industrial design, copyright, and protection of undeclared information did not impede timely access to affordable vaccines and medicines or the supply of research, development, production, and treatment products needed to combat Covid-19. The proposal has been discussed verbally several times in the council, but no consensus has yet been reached on text-based discussions. The United States has indicated in recent days that it will review the proposal positively, but the WTO has not removed any formal proposal.
Sitharaman also spoke about the need for the private sector and civil society to partner with the government to achieve sustainable growth. The finance minister mentioned how Indian vaccine developers have provided vaccines to the government at reasonable prices and provided vaccines. Non-governmental organizations are also contributing under the obligation of their corporate social responsibility.