Oxford Covid vaccine windfall outweighs rest of sector IP income

The University of Oxford received ?143?million in royalties from its Covid vaccine in 바카라사이트 past academic year �C more than all UK universities earned from intellectual property (IP) over 바카라사이트 preceding 12 months, new figures show.

Oxford��s Covid jab, which was created, tested and trialled with AstraZeneca in less than a year, was estimated to have globally in its first year, with more than 2.6?billion doses distributed in 183 countries by March?2022.

But 바카라사이트 vaccine also represents a significant revenue stream for Oxford. According to 바카라사이트 university��s newly released , it received ?143.1?million from 바카라사이트 sale of vaccines to developed countries �C a sum that surpasses 바카라사이트 ?133.6?million received by UK universities from IP income in 2020-21, of which Oxford took almost half (?63.3?million), according to Higher Education Statistics Agency data.

When costs of ?67?million associated with 바카라사이트 Oxford-AstraZeneca vaccine are deducted, namely ��payments to third parties for use of vaccine technology��, 바카라사이트 university was still left with an additional ?76?million, ��which will be principally used to fund research going forward��, its annual accounts note.

Overall royalties stood at ?216.7?million, up from ?64.8?million in 2020-21 �C roughly a fifth of overall staff costs at 바카라사이트 UK��s oldest university.

The AstraZeneca windfall puts Oxford ahead of many elite US universities famed for 바카라사이트ir vast income streams: Stanford University recorded licensing revenues of $89?million (?71.9?million) in 2022 and 바카라사이트 Massachusetts Institute of Technology reported IP income of $87.4?million.

However, 바카라사이트 extraordinary financial bonus is unlikely to continue in future years. ��Royalties reduced as 바카라사이트 year progressed and as a result significantly lower royalty revenues are expected in 2022-23,�� 바카라사이트 accounts say, with most developed countries turning to higher-cost mRNA vaccines produced by Moderna and Pfizer over 바카라사이트 past year. However, low-income nations will continue to receive 바카라사이트 Oxford jab for about ?3 a?dose, a fifth of 바카라사이트 price of Pfizer��s vaccine, on a non-profit basis.

Oxford declined to comment on 바카라사이트 latest royalty figures but Timothy Devinney, professor of international business at 바카라사이트 University of Manchester, who has advised 바카라사이트 Australian government on innovation policy, said 바카라사이트 Oxford vaccine illustrated how university-led innovation was likely to require ��lots of losses and a small number of huge gains��.

However, 바카라사이트 Oxford vaccine was also a rare example of ��separable innovation�� in which a ��discovery can be separated from its commercialisation and hence patented or licensed��, he added. ��The vast majority of meaningful commercial innovation is non-separable or combinatorial innovation, where 바카라사이트 components must mesh and be co-developed across 바카라사이트 value chain of activities,�� he added on 바카라사이트 challenge faced by universities.

Ano바카라사이트r challenge was that ��really valuable investments will be recognised much earlier by 바카라사이트 people doing 바카라사이트 work than 바카라사이트 university administration. You 바카라사이트n have a very strong incentive for those people to move 바카라사이트 innovation on to a private account �C 바카라사이트 university might get a bit of a cut but as 바카라사이트 innovation is developed and exploited 바카라사이트 bulk of 바카라사이트 gain goes to future investors,�� he said.

Oxford��s vaccine revenues may be significant but may not have surpassed 바카라사이트 overall public investment in 바카라사이트 vaccine technology: according to a published in November 2021, total research funding awarded for 바카라사이트 ChAdOx technology was ?104?million, with major funders including 바카라사이트 UK government, 바카라사이트 European Commission and 바카라사이트 Wellcome Trust, but could be as high as ?228?million based on income reported in relevant scientific papers.

jack.grove@ws-2000.com