big pharma

Responding to the EU’s proposed reform of pharmaceutical regulations, Piotr Kolczyński, EU Health Policy Advisor at Oxfam and the People’s Vaccine Alliance, said: "Reducing the exclusivity of data is a step towards improving access to medicines within Europe, but it is total hypocrisy for the EU to protect the right to health in their own borders while undermining it elsewhere. 

The richest 1 percent have more wealth than the bottom 95 percent of the world’s population put together, new Oxfam analysis of UBS data reveals today ahead of the annual UN High-Level General Debate. 

722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

For every new billionaire created during the pandemic — one every 30 hours — nearly a million people could be pushed into extreme poverty in 2022 at nearly the same rate, reveals a new Oxfam brief today. “Profiting from Pain” is published as the World Economic Forum — the exclusive get-together of the global elite in Davos — takes place for the first time face-to-face since COVID-19, a period during which billionaires have enjoyed a huge boost to their fortunes. 

In response to reports of a potential compromise agreed by the EU, South Africa, India and the US for a waiver of intellectual property rules for COVID vaccines, Max Lawson, Head of Inequality Policy for Oxfam and co-chair of the People's Vaccine Alliance, said: 
 

The COVID-19 death toll has been four times higher in lower-income countries than in rich ones, according to a new report published today by Oxfam on behalf of the People’s Vaccine Alliance as the world marks two years since the World Health Organization declared the pandemic. 

The human and economic cost of COVID-19 has been staggering, in terms of lives lost, human suffering, and economic damage. As we mark two years since the official pandemic was declared, we still have a chance to gain the upper hand on the virus, but only if everyone, everywhere has access to vaccines and treatments.

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. 

Campaigners from the People’s Vaccine Alliance say the refusal of pharmaceutical companies to openly share their vaccine science and technology and the lack of action from rich countries to ensure access to vaccines globally have created the perfect breeding ground for new variants such as Omicron.

In response to the announcement that AstraZeneca is to move away from the non-profit model for COVID vaccines, Anna Marriott, Oxfam’s Health Policy Manager and spokesperson for the People’s Vaccine Alliance, said: “AstraZeneca is breaking its repeated and celebrated public promises of a non-profit vaccine for all countries for the duration of this pandemic and to never to make a profit in any low- and middle-income country from this publicly funded vaccine."