President Joe Biden’s administration on Wednesday supported a proposal submitted by several countries to the World Trade Organization (WTO) to suspend the intellectual property of vaccines against covid-19 when the United States has already administered 250 million doses.

The announcement was greeted with sharp falls in the shares of the pharmaceutical companies Pfizer and BioNTech and Moderna and Novavax on the Wall Street stock exchange.

Biden made good on his campaign promise to endorse the patent suspension. Still, he has only done so when the U.S. vaccination rate plummets, and the country is sitting on tens of millions of doses yet to be administered.

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