South Africa

The cost of vaccinating the world against COVID-19 could be at least five times cheaper if pharmaceutical companies weren’t profiteering from their monopolies on COVID-19 vaccines, campaigners from the People’s Vaccine Alliance said today.

A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more than the current global death rate of COVID-19, which is around seven people per minute. The report, ‘says that conflict remains the primary cause of hunger since the pandemic, pushing over half a million people into famine-like conditions - a six-fold increase since 2020.

The economies of the G7 nations could see an average loss of 8.5 percent annually by 2050 ―equivalent to $4.8 trillion― if leaders do not take more ambitious action to tackle climate change, according to Oxfam’s analysis of research by the Swiss Re Institute. Oxfam is calling on G7 leaders, who are meeting in the UK later this week, to cut carbon emissions more quickly and steeply.

At least nine people have become new billionaires since the beginning of the COVID pandemic, thanks to the excessive profits pharmaceutical corporations with monopolies on COVID vaccines are making, The People’s Vaccine Alliance revealed today ahead of a G20 leaders Global Health Summit.

Ahead of shareholder meetings for the giant pharmaceutical corporations, the People’s Vaccine Alliance calculates that Pfizer, Johnson & Johnson and AstraZeneca have paid out $26 billion in dividends and stock buybacks to their shareholders in the past 12 months.

More than 170 former heads of state and government and Nobel laureates, including former Prime Minister of the United Kingdom Gordon Brown, former President of Colombia Juan Manuel Santos, former President of Liberia Ellen Johnson Sirleaf, former President of France François Hollande and Nobel Laureates Professor Joseph Stiglitz and Professor Francoise Barre-Sinoussi, today called on President Biden to support a waiver of intellectual property rules for COVID-19 vaccines and pursue a people’s vaccine to end the pandemic in an open letter today.

One year on from the declaration of the COVID-19 pandemic, the People’s Vaccine Alliance is warning that developing countries are facing critical shortages of oxygen and medical supplies to cope with COVID-19 cases yet the majority have been unable to administer a single dose of a COVID-19 vaccine. In contrast rich nations have vaccinated their citizens at a rate of one person per second over the last month.

Max Lawson, Oxfam Head of Inequality Policy, responds to the G7’s limited progress on ensuring poor countries have access to COVID-19 vaccines, Max Lawson, Oxfam Head of Inequality Policy.

Thirty-two of the world’s largest companies stand to see their profits jump by $109 billion more in 2020 as the Covid-19 pandemic lays bare an economic model that delivers profits for the wealthiest on the back of the poorest, according to a new Oxfam report today.

The coronavirus pandemic is fast pushing developing countries toward a debt crisis that would be catastrophic for their fight against poverty, with the likelihood of multi-billion-dollar defaults that will hurt the entire global economy, warned Oxfam ahead of the G20 Finance Ministers’ meeting this weekend (July 18-19).