COVID-19 has contributed to global public health and economic crises. While most developed countries have successfully adopted mass vaccination programs, in developing countries, the vaccination rates have remained extremely low. The vaccine divide has further aggravated the economic impacts of the pandemic. This chapter argues that since COVID is a global problem, vaccines should be equally accessible to all countries. A wider availability of vaccines is not achievable unless poor countries develop their capability to produce vaccines locally. The production of generic vaccines requires low level of R\&D capability, which is achievable by firms in poor countries if they receive technological support. The chapter discusses the relevance of the open innovation model that focuses on firm- and institution-level collaboration in improving the capability of firms in the developing world. The flexibilities in the TRIPS Agreement could also be used to address the existing vaccine divide.
|Name||Impact of Open Innovation on the World Economy|