‘Cry No Tears for These Death Profiteers’: Pharma Stocks Plunge as Biden Backs Vaccine Patent Waiver

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    • #421628
      sonofspy777
      Participant
      • Total Posts: 6,259

      Demonstrators hold a rally in Washington, D.C. urging the U.S. to commit to a global coronavirus vaccination plan that includes sharing vaccine formulas with the world on May 5, 2021.

      Stocks of major pharmaceutical corporations plummeted Wednesday after the Biden administration announced its support for a coronavirus vaccine patent waiver, a measure that would free vaccine recipes from Big Pharma’s stranglehold and help enable generic manufacturers to ramp up global production.

      As CNBC reported, shares in Pfizer, BioNTech, Novavax, and Moderna fell to “session lows” after the Biden White House endorsed the waiver—a potentially seismic move that came after weeks of tireless campaigning by progressive lawmakers and advocacy groups.

      Canada, European Union member nations, the United Kingdom, and other wealthy countries remain opposed to the waiver, leaving the chances of consensus approval at the World Trade Organization highly uncertain.

      Nevertheless, the Biden administration’s support for the waiver spooked investors and infuriated the pharmaceutical industry, which has been lobbying hard against the proposal in an effort to preserve its immensely profitable monopoly control over vaccine production.

      https://www.commondreams.org/news/2021/05/06/cry-no-tears-these-death-profiteers-pharma-stocks-plunge-biden-backs-vaccine-patent

      “Never argue with a fool, onlookers may not be able to tell the difference.”
      ~Samuel Clemens

    • #421637
      alcina
      Participant
      • Total Posts: 875

      Though I’m equally unsurprised that Trudeau and his BayStreet/OldMoney cronies aren’t on board. In case this didn’t make US news, a few days ago our national advisory board on Covid immunization referred to the Pfizer and Moderna vaccines as “preferred,” despite months of medical experts telling us AstraZeneca was safe and every person should get the first vaccine available to them.  Quite a few medical professionals still believe this; and in fact, at least one member of the advisory board has spoken out to say that he and other members disagreed with and questioned this position, but were ignored by the majority.

      As for the pharma stocks, this quote from the article pretty much says it all: “It’s almost as if the financial interests of the pharmaceutical industry are diametrically opposed to the health and well-being of the planet.” In a very small way, this give me some comfort over the fact that I got my first AstraZeneca — the not-for-profit — vaccine in March. As did Trudeau and Ford themselves. Alas, between incompetence and corruption, it’s unclear when or even if the second shot will be available here.

      "The United States is also a one-party state but, with typical American extravagance, they have two of them." -Julius Nyerere, First President of Tanzania

    • #421639
      chknltl
      Participant
      • Total Posts: 1,406

      I saw this on the telly last night and was gobsmacked.

      If I was a betting man I would bet that the majority of our politicians would not have done this…

      Pres Biden would have led that list in my book.

      Maybe a ray of sunshine in these dark days?

    • #421644
      Ohio Barbarian
      Moderator
      • Total Posts: 21,767

      Where’s my 2K, Democrats? Where’s my stepdaughter’s minimum wage increase, which is a big reason she voted for Biden? I could go on but y’all already know this.

      The dropped stock could actually be a cudgel for lobbyists to beat over Biden’s head, not to mention those of Congresscritters. Oh no! The stock market may drop! Can’t have that!

      Whatever happens, I’m pretty sure Big Pharma won’t be losing any profits. If nothing else, the Democrats will bail them out.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

      • #421657
        chknltl
        Participant
        • Total Posts: 1,406

        While I strongly suspect that you are right, I hope that you are wrong.

        For the record, while I did not vote for President in 2016, once Trump became POTUS, there were things he campaigned pn that I hoped he would follow through on.

        Stop funding NATO and make nice with Russia where two things he offered up that I hoped for.

        Hillary OTOH could be counted on to do the opposite.

        For whatever reason, Pres. Trump let me down of course.

        That said, Pres. Biden is making noises about bring our troops home from Afghanistan, (looong overdue in my book).

        Now he is scaring sacaring Big Pharma with removing their patents on the Covid vaccines.

        This I aporove of as well.

        Like I said earlier, I hope you are wrong but I will wait and see before passing further judgement.

        • #421659
          Ohio Barbarian
          Moderator
          • Total Posts: 21,767

          Just saying I don’t trust Joe Biden or anyone in his administration, for a veritable plethora of good reasons.

          Personally, I supported Trump on considering dissolving NATO. The enemy it was formed to defend against has been dead for 20 years. Interesting we’ve also been in Afghanistan for the same amount of time, is it not?

          It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

          You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton

    • #421650
      gordyfl
      Participant
      • Total Posts: 1,791

      Pfizer stock price:

      https://finance.yahoo.com/quote/PFE/

      If you zoom out to 5 days you’ll notice there was a buying frenzy days leading up to Biden’s announcement. There must have been a lot of “good news” by the media leading up to Biden’s announcement.

      Johnson & Johnson stock price:

      https://finance.yahoo.com/quote/JNJ/

      Again, if you zoom out to 5 days you’ll notice there was a buying frenzy days leading up to Biden’s announcement. From 5 days ago there shows hardly a blip.

      Moderna stock price:

      https://finance.yahoo.com/quote/MRNA

      If you zoom out one month you’ll see Moderna is still up 25 points since April 6 — one month ago.

      I don’t think the big money is worried — at least not just yet.

    • #421652
      salemcourt
      Participant
      • Total Posts: 2,965

      On patent waiver, Oligarch # 1 (US) agrees to patent waiver while oligarch 2 (EU and Canada) opposes it, so it will not get through.  On removing sanctions against Iran, it is the opposite Oligarch#1 opposes and oligarch 2 agrees.  Again it will not go through.  All this to score brownie points with some voters who get taken in by these theatrics.

    • #421839
      3fingerbrown
      Participant
      • Total Posts: 3,712

      “backing” something that would help humanity and that something actually getting done, are two different things with the plutocracy.

      All governments lie to their citizen's, but only Americans believe theirs.

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