Institutional investors have failed to pass resolutions designed to facilitate the universal distribution of Covid-19 vaccines during the Annual General Meetings of pharmaceutical giants such as Pfizer, Moderna, Merck, and Johnson and Johnson, despite three years of massive earnings growth for these companies. Meanwhile, people in low- and lower-middle-income countries are still struggling to access lifesaving medicines. Although pharma companies’ efforts to speedily develop Covid-19 vaccines should be recognized, they have failed when it comes to ensuring equal access and have not taken their human rights responsibilities seriously.
The global allocation of Covid-19 vaccines remains one of the worst examples of global inequality to date. While people in lower-income countries were left behind, Pfizer and Moderna are reportedly considering quadrupling the price of each Covid-19 vaccine in some countries, which has made access to care more difficult for millions of people. With only 25% of people in low-income countries fully vaccinated, millions are still waiting for the first dose. Pharma companies continue to place profit before people, while investors have failed to hold them accountable.
Every country should be able to cope with a global health crisis better if policies focusing on global access, affordability, transparency, and accountability are put in place. Pharmaceutical companies had a chance to right their wrongs during this year’s AGMs by showing they are committed to global access, but yet again, they have prioritised profit before people. Investors should ensure these companies make structural changes with immediate effect to ensure the world can withstand future pandemics collectively, without leaving anyone behind.
## Why Pharma Companies Should Prioritise Human Rights Responsibilities
Pharmaceutical companies’ failure to prioritise human rights responsibilities concerning the global distribution of Covid-19 vaccines shows their lack of commitment to benefit human health and welfare. Human rights violations in access to healthcare have become increasingly evident due to the pandemic’s disproportionate impact on vulnerable populations.
Pharma companies’ current profit-driven approach is a threat to human rights, as many developing countries have limited resources to acquire vaccines or other medications at exorbitant prices. Therefore, pharma companies should make immediate structural changes to ensure every person worldwide has equal access to healthcare services and medicines.
## Pharma Companies and Investors Must Work Together to Ensure Global Health
If future pandemics are to be managed effectively, we must ensure a cohesive and collective approach to healthcare that guarantees universal access to healthcare products. Pharma companies should work closely with investors to facilitate the efficient transfer of vaccine technology to countries with limited resources. This involves a commitment to promoting universal health access and achieving health equity while respecting human rights.
In conclusion, although pharmaceutical companies have made significant strides in developing vaccines in record time, accessibility to these vaccines remains a significant challenge in low- and lower-middle-income countries. Therefore, pharma companies and investors must work together to ensure global health, prioritising human rights responsibilities, and facilitating technology transfers to countries in need. This will go a long way towards laying the foundation for pandemics’ preparedness and ensuring that all vulnerable populations can access healthcare products, regardless of their income levels.
<< photo by Aleks Marinkovic >>