U.S. should compensate vaccine developers if patents are waived

This week the Biden administration surprised many and came out in support of easing intellectual property protections around the development of COVID-19 vaccines. This is a move many experts say could make it easier for developing countries around the world to produce vaccines.

But there is a risk to allowing patent waivers when it comes to vaccine development, says Sean Speer, fellow in residence at the Public Policy Forum. In this episode of Crisis Management, Speer says the move could potentially harm incentive "for future transformational drug discoveries which, as we've learned over the past year, we desperately need." Speer says the U.S. will likely have to compensate companies like Pfizer and Moderna that developed these vaccines, or else it may harm the profit-driven incentives behind pharmaceutical development.