An Economic Case for Waiving Intellectual Property Rights on Covid Vaccines

India and South Africa approached the World Trade Organisation to negotiate the temporary waiver of Intellectual Property (IP) rights on Covid-19 vaccines to remove the artificial barrier of patents and boost vaccine production. This commentary advocates for the waiver of IP rights on Covid-19 vaccines. First, the article makes a case for the debate on the validity of the Covid-19 vaccine to qualify for a patent. Market failure and underinvestment in research and development arguments do not hold for granting a patent to Covid vaccines. Next, the article briefly reviews the evidence on the association between vaccination and virus mutations. Evidence suggests that waiving patents is vital to increase vaccination worldwide and curb mutation and reduce the risk of more infectious new variants. Finally, the article argues that the rationale for a patent is economical, based on incentivising innovation and therefore, the losses suffered by various sectors of the economy due to new variant induced fatalities and lockdowns need to be considered for a case for its waiver.