PATENT WAIVER OF COVID-19 VACCINE: REALIZING A BALANCE OF RIGHTS THROUGH PATENT VALUATION
Abstract
This article describes a new idea about patent valuation in patent waivers that developing countries have proposed for some time. Vaccines are a necessity for every country during the current COVID-19 pandemic. Valuation is required in the commercialization of patents, including COVID-19 vaccine patents, compulsory licenses, and waivers can be an option for countries to obtain a COVID-19 vaccine. This article uses a qualitative research method with a normative juridical approach by describing it normatively. This research results in the balance of rights for inventors or pharmaceutical companies that have patents and the world countries that need vaccines. This balance and justice can be realized by the valuation of economic and moral rights. The valuation still exists even though the patent waiver is applied. The adequate economic valuation for vaccines is the cost-based approach because the inventor or pharmaceutical company must be reimbursed for the production costs incurred. On the other hand, a reward can apply the valuation of moral rights for inventors and pharmaceutical companies that produce vaccines. The inventors or pharmaceutical companies can increase their good name. Mandatory waivers and compulsory licenses can be carried out by countries’ economic conditions and policies while still paying attention to the rights of inventors and pharmaceutical companies. In this way, world health will be achieved, and innovation can continue to be carried out.
Keywords: patent waiver, COVID-19 vaccine, valuation, patent
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