PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in Boston Herald: Biden’s IP Waiver a Disaster for Small Business

By at 27 November, 2023, 6:40 pm

In a November 22 Boston Herald Op-Ed, SBE Council president & CEO Karen Kerrigan reminds readers about the competitive and economic dangers of President Biden’s support for waiving intellectual property (IP) rights on U.S.-made COVID vaccines and expanding the waiver to include COVID therapies and tests. The give-a-away would waive aspects of the World Trade Organization’s (WTO’s) Agreement on Trade Related Aspects of Intellectual Property Rights (or TRIPS Agreement), which sets global shared standards for IP protection. Kerrigan writes:

The Biden administration is considering giving away ground-breaking American technologies to China, India, and other countries — yes, for free. This giveaway would ravage the small businesses that drive innovation in the United States, and crush the economy in the process.

An expanded IP waiver would have disastrous consequences for the life sciences sector, and by extension small businesses. Nine out of 10 U.S. pharmaceutical companies have fewer than 500 employees. Three-quarters have fewer than 100 employees, and nearly half have less than 10. Even Cambridge’s Moderna was a relatively unknown startup only a decade ago.

Read the full Op-Ed here.

 

News and Media Releases