Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > Big Pharma may have to reveal government deals in WHO’s draft pandemic rules
    Top Stories

    Big Pharma may have to reveal government deals in WHO’s draft pandemic rules

    Big Pharma may have to reveal government deals in WHO’s draft pandemic rules

    Published by Uma Rajagopal

    Posted on November 18, 2022

    Featured image for article about Top Stories

    By Jennifer Rigby and Emma Farge

    LONDON/GENEVA (Reuters) – Pharmaceutical companies could be made to disclose prices and deals agreed for any products they make to fight future global health emergencies, under new rules that would govern a World Health Organization-backed pandemic accord reviewed by Reuters.

    A draft version of the WHO accord, which is being negotiated by the U.N. health agency’s 194 member countries, calls for it to be compulsory for companies to reveal the terms of any public procurement contracts.

    It says that public funding for the development of vaccines and treatments should be more transparent, and include provisions to ensure that any resulting products are distributed evenly around the world.

    The aim of the pact, commonly known as the pandemic treaty, is to prevent the next global health crisis from being as devastating as COVID-19 and improving the global response that left many of the world’s poorest countries behind.

    During the pandemic, many deals governments made with pharmaceutical companies have been kept confidential, giving them little scope to hold drugmakers accountable.

    A spokesperson for the WHO said it was member states that were driving the current process toward a new agreement.

    “The process is open, transparent, and with the input from other stakeholders, including any interested stakeholders and public, able to submit comments at public consultations.”

    The agreement is at an early stage and likely to change in the course of negotiations with member states and other stakeholders. The draft will be presented to them in full in a meeting on Friday, after being circulated earlier in the week.

    The document is vague about what would happen if countries that sign up do not stick to its rules and if companies do not comply. The U.N. agency cannot force companies to follow its rules.

    The proposal may face resistance from the drug industry after its meteoric race to develop vaccines and treatments that proved to be critical tools in controlling the virus which has killed more than 6.5 million people worldwide.

    Pfizer and its partner BioNTech, Moderna and AstraZeneca tested, developed and launched vaccines less than a year after the virus first emerged in China in late 2019.

    Thomas Cueni, director general for the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), said the draft was an “important milestone”, but added that it was important not to undermine how pharmaceutical companies innovate and to protect their intellectual property (IP).

    The draft recognises the importance of IP but says there needs to be better mechanisms for sharing expertise so more companies can produce vaccines and drugs during a crisis.

    “If the draft were implemented as written today it would most likely undermine rather than facilitate our collective ability to rapidly develop and scale up counter measures and ensure its equitable access,” Cueni added.

    The draft document also proposes a peer-review mechanism to assess countries’ pandemic preparedness, as well as better universal health coverage, more domestic funding on preventing and tackling pandemics, and better access for WHO to investigate outbreak origins.

    ‘FAR REACHING AND BOLD’

    Lawrence Gostin, a professor at Georgetown Law in Washington D.C. who follows the WHO, said the accord could be a game changer and redress the “unconscionable” hoarding of vaccines seen during COVID-19.

    “The draft is actually far reaching and bold. The obstacles though are political opposition and industry blowback,” he said.

    Mohga Kammal Yanni, policy co-lead for the People’s Vaccine Alliance, said the pact could either break with the “greed and inequality” of COVID-19 and other diseases “or it could tie future generations to the same disastrous outcomes”.

    The treaty has been described as a once-in-a-generation opportunity to strengthen global health rules by WHO Director-General Tedros Adhanom Ghebreyesus.

    The U.N. agency’s constitution invests it with considerable powers to strike international agreements, but in its 74-year history it has only done so once in the form of the 2005 tobacco treaty.

    Negotiations began on the pact in February and made an important step in July, when countries agreed to make the new agreement legally-binding despite earlier reservations from Washington. The next formal meeting of the board is in December, but there is a long road ahead. The agreement is not expected to be adopted before 2024 at the earliest.

    “Some of the discussions ahead are going to get uncomfortable,” said a Western diplomat, referring to issues around intellectual property and price transparency.

    But they said there was a genuine interest in getting agreement by some major powers. “There’s appetite to explore the issues, including the difficult ones.”

    (Writing by Jennifer Rigby; Editing by Josephine Mason and Elaine Hardcastle and Bill Berkrot)

    Related Posts
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Hebbia Processes One Billion Pages as Financial Institutions Deploy AI Infrastructure at Unprecedented Scale
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Beyond Governance Fatigue: Making ESG Integration Work in Financial Markets
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Why I-9 Verification Matters for Financial Institutions: Building a Culture of Compliance and Trust
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    Curvestone AI partners with The White Rose Finance Group to enhance compliance file reviews
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    LinkedIn Influence in 2025: Insights from Stevo Jokic on Building Authority and Trust
    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference
    Should You Take the Dealer’s Bike Insurance or Buy Online Yourself? Here’s the Real Difference

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    More from Top Stories

    Explore more articles in the Top Stories category

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    ID-Pal Unveils ID-Detect Enhancements to Counter Surge in Digital Manipulation and Deepfakes

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    TRUST TAKES THE LEAD: HALF OF UK SHOPPERS HAVE ABANDONED ONLINE PURCHASES OVER SECURITY CONCERNS

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Why Choose Premium Driver Service in Miami Over Rideshare Apps for Business Travel and Special Events?

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Over 30 Million Users Benefit From Ant International’s Bettr Credit Tech Solutions

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    Side-Hustle Economics: How Part-Time Service Work Can Strengthen Your Financial Plan

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    London to Host Major Summit on “New Horizons” for Islamic Economy in the UK

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    BLOXX Launches World’s First Home Equity Subscription, Creating a New Residential Asset Class

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    LiaFi Addresses Gap Between Business Transaction and Savings Accounts

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Ant Group Chairman Eric Jing Outlines Strategy for Inclusive AI, Collaboration on Tokenised Settlement

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Deeply Cultivating the Syndicated Loan and Cross-Border Financing Fields: Empowering Chinese Banks’ Global Expansion with Professional Excellence

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    Ant International’s Antom Launches AI‑Powered MSME App for Finance and Business Operations

    A Gateway for U.S. Capital: Inside Kazakhstan’s Expanding Financial Hub

    A Gateway for U.S. Capital: Inside Kazakhstan’s Expanding Financial Hub

    View All Top Stories Posts
    Previous Top Stories PostECB may have to cool growth to control inflation, Lagarde says
    Next Top Stories PostAnalysis-U.S. regulators could be pressured by slim Republican House control