In defence of Biden’s Covid-19 patent waiver

For a man who is regularly derided by Republicans, president Joe Biden has racked up a fine number of achievements. He made his latest on 5 May, when he threw his support behind waiving the Covid-19 patents, overturning decades of American protection of its industries’ intellectual property rights. His words packed a punch: the Frankfurt-listed shares in BioNTech promptly lost 14 per cent, while Moderna and Novavax closed three to six per cent down in New York.