बायोएनटेक को कोविड वैक्सीन रॉयल्टी में चूक पर अमेरिकी एजेंसी का नोटिस मिला

बायोएनटेक को कोविड वैक्सीन रॉयल्टी में चूक पर अमेरिकी एजेंसी का नोटिस मिला

BioNTech Gets US Agency Notice Over Default on COVID Vaccine Royalties

BioNTech receives notice from US agency regarding COVID vaccine royalty default, highlighting financial complexities amid global vaccine distribution.

  • Global News
  • 126
  • 25, Mar, 2024
Jivika Chawla
Jivika Chawla
  • @JivikaChawla

BioNTech Gets US Agency Notice Over Default on COVID Vaccine Royalties

BioNTech disclosed on Monday that it received a notice from the U.S. National Institutes of Health (NIH) concerning a default on royalty payments linked to its COVID-19 vaccine. The German firm, in partnership with Pfizer, has been at the forefront of vaccine development. Despite this, BioNTech expressed disagreement with the NIH's stance and asserted its intent to contest any allegations of contractual breach.

Notably, the NIH, as of the report's release, had not responded to Reuters' inquiries. BioNTech clarified that it acquired licenses for specific patents from the NIH and other entities, resulting in owed royalty payments to the U.S. government, as outlined in its annual report.

The German government had earlier provided substantial funding, amounting to 375 million euros ($445 million), to support BioNTech's COVID-19 vaccine initiatives in September 2020.

The situation underscores the complex financial arrangements involved in vaccine development and distribution amidst the pandemic. BioNTech's dispute with the NIH adds a layer of legal and financial intricacies to the global effort against COVID-19. As the situation unfolds, it highlights the challenges faced by pharmaceutical companies and governments in navigating contractual obligations and funding arrangements in the race to combat the virus.

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Jivika Chawla

Jivika Chawla

  • @JivikaChawla