TRIPS waiving on COVID patents

The functional mechanics of IP are no secret to anyone. From an economical standpoint, IP protected assets allow their owner to exploit them under legal monopolies. This encourages innovation and the use of IP protection mechanism.
 
However, there are provisions that limit the exercise of IP exclusive rights. Such is the case of compulsory licenses provided certain conditions. Recent pandemic was a hard scenario for everyone and now Pharma is facing a difficult challenge, as last week took place the twelfth session of the Ministerial Conference of the World Trade Organization (WTO). The subject of discussion was the approval of a waiver on patent rights.
 
Waiver was, in effect, approved and it states the following:
 
“Notwithstanding the provision of patent rights under its domestic legislation, an eligible Member1 may limit the rights provided for under Article 28.1 of the TRIPS Agreement (hereinafter "the Agreement") by authorizing the use of the subject matter of a patent2 required for the production and supply of COVID-19 vaccines without the consent of the right holder to the extent necessary to address the COVID-19 pandemic, in accordance with the provisions of Article 31 of the Agreement, as clarified and waived in paragraphs 2 to 6 below.”

Basically, any Member ( developing country) need not require the user of the subject matter of a COVID-19 vaccine’s patent to obtain an authorization from the right holder as set out in article 31 b) TRIPS. Such waive is rightfully applicable as long as used for supplying the domestic demand of the Member and to export to other Member(s) in similar conditions. 

Specific conditions related to re-exportation, manufacturing capacity and communication to the Council of TRIPS are to be met in order to exercise the waive.