TryGOLD- Free

Post-pandemic blues of predatory pharma

Down To Earth| November 16, 2023
Huge stockpiles of COVID-19 vaccines and treatments, along with a steep drop in revenues, tell a sorry tale of Big Pharma's greed
Post-pandemic blues of predatory pharma

WHAT GOES up must come down.Everyone understands that. Businesses know that only too well, because most industries face market cycles. Not the pharmaceutical industry, though, which is insulated from these highs and lows because demand for medicines never goes down, whether the economy shrinks or expands. Now, as the panic and scramble for vaccines becomes a dark memory, Big Pharma is learning how unsustainable its pandemic high of soaring profits was. With projected offtake tapering off sharply since early 2022, especially in the US, a clutch of drug giants is seeing revenues drop by over 40 per cent. These figures reflect poorly on their role during the coVID-19 pandemic, when profits mattered much, much more than patients.

The pandemic years were marked by one of the biggest tussles between rich and developing countries at the World Trade Organization (WTO) over intellectual property rights (IPRS). Why IPRS? Because IPRS, which include patents and trade secrets, had a direct bearing on the ability of the world to meet the demand for desperately needed vaccines and therapeutics to fight COVID-19 through a host of generic companies if they were allowed to override patents during the pandemic. This column covered the issue extensively and predicted from the start that it was a lost cause. The US and the EU, where the vaccines to fight COVID-19 were developed, would not allow even a temporary waiver because of the powerful lobby of Big Pharma (see "Compromise' on TRIPS waiver is a sellout', Down To Earth, 1-15 April, 2022).

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,500+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,500+ magazines and newspapers.

MORE STORIES FROM DOWN TO EARTHView all
Recycling Innovation: How UFlex Is Setting Global Benchmarks
Down To Earth

Recycling Innovation: How UFlex Is Setting Global Benchmarks

India's first company to recycle PET, PE, and PP for food packaging

time-read
3 mins  |
June 01, 2025
A NEW BUZZ
Down To Earth

A NEW BUZZ

Like many countries, India is in the middle of a pollinator crisis. In several states, farmers now rent honeybees to secure a decent harvest. In areas where agriculture is nearly impossible due to shortage of natural pollinators, people are manually carrying out nature's most critical operation. This artificial substitution of pollinators raises new concerns. A report by

time-read
10+ mins  |
June 01, 2025
Seed saviours
Down To Earth

Seed saviours

Seed banks managed by communities and non-profits are repositories of hundreds of indigenous climate-resilient crop varieties but need help in storage, technical aid and policy support to thrive

time-read
3 mins  |
June 01, 2025
Perilous proposal
Down To Earth

Perilous proposal

Villages near Jim Corbett Tiger Reserve oppose plans to open yet another ecotourism zone in light of rising attacks by the big cats

time-read
4 mins  |
June 01, 2025
SOUR GOODNESS
Down To Earth

SOUR GOODNESS

Leaves of madhu soleng, an easy-to-grow weed, are a great souring agent

time-read
3 mins  |
June 01, 2025
Down To Earth

Broken lifeline

ON MARCH 13, 2020, Government of India's Press Information Bureau (PIB) released the latest life expectancy data of the country.

time-read
3 mins  |
June 01, 2025
RESILIENT RURAL FUTURES
Down To Earth

RESILIENT RURAL FUTURES

Ambuja Foundation Tackles Climate Vulnerability Head On ...

time-read
3 mins  |
June 01, 2025
Down To Earth

Sustainable cycles

Women in Himachal Pradesh switch from plastic sanitary pads to reusable menstrual hygiene products for better waste management

time-read
2 mins  |
June 01, 2025
Uniting the Ecosystem: Empowering Smallholder Farmers and Solving India's Water Crisis
Down To Earth

Uniting the Ecosystem: Empowering Smallholder Farmers and Solving India's Water Crisis

Smallholder farmers are key to solving India's water crisis, accounting for 86% of farming households. Agricultural consumption accounts for 75-90% of India's freshwater use.

time-read
3 mins  |
June 01, 2025
WHO IS REALLY DEVELOPED
Down To Earth

WHO IS REALLY DEVELOPED

A new development metric ranks countries based on their living standards that can be scaled globally without breaking planetary limits

time-read
3 mins  |
June 01, 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more