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The United States vaccine injury compensation system is grappling with significant challenges in handling claims tied to COVID-19 vaccines. The House Select Subcommittee on the Coronavirus Pandemic warns that without major reforms, clearing the backlog in the Countermeasures Injury Compensation Program (CICP) could take almost 10 years, revealing significant system inefficiencies. The CICP, designed to handle emergencies on a smaller scale, has struggled to adapt to the demands of a global vaccination effort. According to a report from the Select Subcommittee on the Coronavirus Pandemic, "The current backlog would take nearly a decade to eliminate without accounting for any new claims." Critics argue that the program lacks both the capacity and transparency to function effectively. Unlike the better-funded National Vaccine Injury Compensation Program (VICP), the CICP offers limited benefits, no appeals process and less public accountability. The subcommittee's report sheds light on the program's inability to meet the demands of the COVID-19 pandemic. It highlights inefficiencies in processing claims and calls for systemic changes. "The Countermeasures Injury Compensation Program failed to handle a mass-vaccination program," the report states, recommending that claims related to COVID-19 vaccines be transitioned to the VICP. With its broader coverage and established legal framework, this program could provide a more effective mechanism for addressing vaccine-related injuries. The report also emphasizes the need for significant investments to enhance the system. Suggested reforms include increasing funding and staffing for the CICP to reduce delays, adopting advanced technology to streamline application reviews, and improving coordination with data systems like the Vaccine Adverse Event Reporting System (VAERS). Transparency is another critical area for improvement. The report stresses that secrecy in claim handling undermines public trust, stating, "Transparency is not a luxury but a necessity for public confidence." Mishandling claims risks eroding trust in vaccines and public health institutions. The report warns that delays and a lack of accountability could discourage participation in future vaccination campaigns. It also urges policymakers to ensure that discussing vaccine injury compensation is not conflated with anti-vaccine sentiment. "Debating or discussing vaccine injury compensation is not 'anti-vax,' and implications otherwise are counterproductive to protecting public health," it notes. The subcommittee's findings are clear: without reform, the current system will continue to fail claimants and weaken public confidence. Addressing the backlog and improving transparency are essential steps to restore trust. The report concludes with a call for action: "Accountability, transparency, honesty, and integrity will regain this trust." These changes are not just about addressing past failures but ensuring the country is better prepared for future public health challenges.
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DBG Provides Shareholder UpdateIbotta director Thomas Lehrman sells $4.7 million in stockTikTok asks Supreme Court to block ban as deadline nearsD-Wave Quantum Inc. QBTS shares are trading higher Monday amid continued momentum in the sector and in part with Google's recent announcement of its new quantum chip, Willow. Here’s what you need to know . What To Know: Willow, developed by Google Quantum AI, marks a breakthrough in quantum computing . The chip demonstrated the ability to solve a task in under five minutes that would take traditional supercomputers an estimated 10 septillion years to complete. A key feature of Willow is its error correction capabilities, which help reduce errors as the number of qubits increases—a long-standing challenge in quantum computing. D-Wave, a player in the quantum computing industry, appears to be benefiting from investor optimism surrounding Willow's release. The excitement around Google’s innovation, along with the increasing interest in quantum technology, is potentially fueling speculation that advancements in the field could boost D-Wave's prospects. The company's stock movement reflects broader investor interest in quantum computing, particularly in light of developments like Willow that highlight the potential for quantum tech to accelerate commercial applications. Other quantum stocks also saw significant gains following the Alphabet news, with I onQ Inc. IONQ up over 15%, Quantum Computing Inc. QUBT shares up by 50% and Rigetti Computing RGTI rising by more than 10% at last check. The collaboration between Google and Nvidia to advance quantum hardware development also adds to the growing optimism about the future of the industry. With Willow demonstrating the practical capabilities of quantum technology, the competitive dynamics within the quantum computing market are expected to shift, potentially benefiting companies like D-Wave that operate in this space. QBTS Price Action : D-wave Quantum shares were up 44.0% at $7.19 at the time of writing, according to Benzinga Pro. Read Next: Why No One’s Talking About the Biggest Investing Opportunity of the Decade Image Via Shutterstock. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.