World Trade Organization (WTO) members are considering waiving commitments to honor certain intellectual property (IP) rights on COVID-19 treatments, following a harmful and unnecessary decision to do the same for COVID-19 vaccines. This is referred to as the TRIPS waiver. Any expansion of the TRIPS waiver would: 1.) Compromise global public health and harm patients; 2.) Cede American IP to foreign countries, sending research and manufacturing jobs overseas; 3.) Undercut American innovation and jeopardize our ability to respond to future pandemics; and 4.) Harm global collaboration and undermine U.S. leadership in the biopharmaceutical sector. Biopharmaceutical manufacturers are already sharing their IP and remain committed to providing timely global access to safe and effective COVID-19 vaccines and treatments.