# Big Pharma may have to reveal government deals in WHO’s draft pandemic rules Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-18 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: WHO Pandemic Treaty: Pharma Companies Must Disclose Prices Meta Description: Pharmaceutical companies may soon be required to reveal pricing and contracts for global health emergency products, as per new WHO pandemic treaty draft. URL: https://financedigest.com/big-pharma-may-have-to-reveal-government-deals-in-whos-draft-pandemic-ruleshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-11-17t211840z4lynxmpeiag0u3rtroptp4health-coronavirus-who-1736814849332-compressed.jpg) By Jennifer Rigby and Emma Farge LONDON/GENEVA (Reuters) – Pharmaceutical companies could be made to disclose prices and deals agreed for any products they make to fight future global health emergencies, under new rules that would govern a World Health Organization-backed pandemic accord reviewed by Reuters. A draft version of the WHO accord, which is being negotiated by the U.N. health agency’s 194 member countries, calls for it to be compulsory for [companies to reveal the terms of any public procurement contracts](https://www.financedigest.com/incentive-fm-group-wins-contract-with-global-events-company.html "Incentive Fm Group Wins Contract With Global Events Company"). It [says that public funding for the development](https://www.financedigest.com/mobile-games-developer-huuuge-says-has-24-2-million-at-svb.html "Mobile games developer Huuuge says has .2 million at SVB") of vaccines and treatments should be more transparent, and include provisions to ensure that any resulting products are distributed evenly around the world. The aim of the pact, commonly known as the pandemic treaty, is to prevent the [next global health crisis from being as devastating as COVID-19 and improving the global response that left many of the world’s](https://www.financedigest.com/whats-coming-next-in-the-clearing-and-settlement-world.html "What’s coming next in the clearing and settlement world?") poorest countries behind. During the pandemic, many deals governments made with pharmaceutical companies have been kept confidential, giving them little scope to [hold drugmakers accountable](https://www.financedigest.com/is-your-accounting-software-holding-you-hostage.html "Is your accounting software holding you hostage?"). A spokesperson for the WHO said it was member states that were driving the [current process](https://www.financedigest.com/the-problem-with-current-anti-money-laundering-processes-a-lack-of-context.html "The problem with current Anti-Money Laundering processes: A lack of context") toward a new agreement. “The process is open, transparent, and with the input from other stakeholders, including any interested stakeholders and public, able to submit comments at public consultations.” The agreement is at an [early stage](https://www.financedigest.com/valuing-your-early-stage-startup.html "Valuing your Early Stage Startup") and likely to change in the course of negotiations with member states and other stakeholders. The draft will be presented to them in full in a meeting on Friday, after being circulated earlier in the week. The [document is vague about what would happen if countries that sign up do not stick to its rules](https://www.financedigest.com/four-european-countries-call-for-special-treatment-of-defence-in-eu-debt-rules-document.html "Four European countries call for special treatment of defence in EU debt rules – document") and if companies do not comply. The U.N. agency cannot [force companies](https://www.financedigest.com/companies-climate-disclosures-still-lacking-task-force.html "Companies’ climate disclosures still lacking -task force") to follow its rules. The proposal may [face resistance from the drug](https://www.financedigest.com/bristol-myers-pfizer-abbvie-drugs-likely-to-face-u-s-price-negotiation.html "Bristol Myers, Pfizer, AbbVie drugs likely to face U.S. price negotiation") industry after its meteoric race to develop vaccines and treatments that proved to be critical tools in controlling the virus which has killed more than 6.5 million people worldwide. Pfizer and its partner BioNTech, Moderna and AstraZeneca tested, developed and [launched vaccines](https://www.financedigest.com/gsk-expects-us-launch-of-rsv-vaccine-with-no-supply-issues.html "GSK expects US launch of RSV vaccine with no supply issues") less than a year after the virus first emerged in China in late 2019. Thomas Cueni, director general for the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), said the draft was an [“important milestone”, but added that it was important not to undermine how pharmaceutical companies innovate and to protect their intellectual property](https://www.financedigest.com/the-importance-of-property-care-looking-after-your-business.html "The Importance of Property Care: Looking After Your Business") (IP). The draft recognises the importance of IP but says there needs to be better mechanisms for [sharing expertise so more companies can produce vaccines and drugs during a crisis](https://www.financedigest.com/bank-shares-rise-after-credit-suisse-rescue-eases-crisis.html "Bank shares rise after Credit Suisse rescue eases crisis"). If the draft were [implemented as written today it would most likely undermine rather than facilitate our collective ability to rapidly develop and scale](https://www.financedigest.com/mifid-ii-why-you-should-not-scale-back-your-implementation-efforts.html "MIFID II: WHY YOU SHOULD NOT SCALE BACK YOUR IMPLEMENTATION EFFORTS") up counter measures and ensure its equitable access,” Cueni added. The draft document also proposes a peer-review mechanism to assess [countries’ pandemic](https://www.financedigest.com/as-who-pandemic-pact-talks-begin-poor-countries-on-back-foot.html "As WHO pandemic pact talks begin, poor countries on back foot") preparedness, as well as better universal health coverage, more domestic funding on preventing and tackling pandemics, and better access for WHO to investigate outbreak origins. ‘FAR REACHING AND BOLD’ Lawrence Gostin, a professor at Georgetown Law in Washington D.C. who follows the WHO, said the accord could be a game changer and redress the “unconscionable” hoarding of [vaccines seen during COVID-19](https://www.financedigest.com/sydney-covid-19-cases-seen-topping-2000-a-day-as-australia-ramps-up-vaccinations.html "Sydney COVID-19 cases seen topping 2,000 a day as Australia ramps up vaccinations"). “The draft is actually far reaching and bold. The obstacles though are political opposition and industry blowback,” he said. Mohga Kammal Yanni, policy co-lead for the People’s Vaccine Alliance, said the pact could either break with the “greed and inequality” of [COVID-19 and other diseases “or it could tie future](https://www.financedigest.com/predisposition-biomarkers-market-future-trends-segmentation-strategies-to-boost-growth-applications-with-covid-19-impact-till-2028.html "Predisposition Biomarkers Market Future Trends, Segmentation, Strategies to Boost Growth, Applications with Covid-19 Impact till 2028") generations to the same disastrous outcomes. The treaty has been described as a once-in-a-generation opportunity to [strengthen global](https://www.financedigest.com/factbox-uk-aims-to-strengthen-london-as-a-global-financial-centre.html "Factbox-UK aims to strengthen London as a global financial centre") health rules by WHO Director-General Tedros Adhanom Ghebreyesus. The U.N. [agency’s constitution invests](https://www.financedigest.com/board-of-russias-avtovaz-approves-585-million-in-2023-investment-programme-ria-agency.html "Board of Russia’s AvtoVAZ approves 5 million in 2023 investment programme – RIA agency") it with considerable powers to strike international agreements, but in its 74-year history it has only done so once in the form of the 2005 tobacco treaty. Negotiations began on the pact in February and made an important step in July, when [countries agreed to make the new agreement legally-binding despite earlier reservations](https://www.financedigest.com/imf-should-issue-new-reserves-to-help-countries-tackle-overlapping-crises-groups.html "IMF should issue new reserves to help countries tackle overlapping crises – groups") from Washington. The next formal meeting of the board is in December, but there is a long [road ahead](https://www.financedigest.com/singapore-digital-banks-a-tough-road-ahead.html "Singapore digital banks – a tough road ahead!"). The agreement is not [expected to be adopted](https://www.financedigest.com/increasing-adoption-of-ar-and-vr-in-gaming-expected-to-drive-growth-of-the-global-ar-and-vr-market-through-2025.html "Increasing Adoption of AR and VR in Gaming Expected to Drive Growth of the Global AR And VR Market through 2025") before 2024 at the earliest. Some of the discussions ahead are going to get uncomfortable,” said a Western diplomat, referring to issues around intellectual [property and price](https://www.financedigest.com/immediate-lift-of-oxford-property-prices-to-result-from-new-direct-high-speed-rail-connection-with-london.html "“Immediate lift” of Oxford property prices to result from new direct high speed rail connection with London") transparency. But they said there was a genuine interest in getting [agreement by some major powers](https://www.financedigest.com/bmw-to-make-solid-powers-battery-cells-under-expanded-agreement.html "BMW to make Solid Power’s battery cells under expanded agreement"). “There’s appetite to explore the issues, including the difficult ones.” (Writing by Jennifer Rigby; Editing by Josephine Mason and Elaine Hardcastle and Bill Berkrot) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---