Pfizer will no longer make a profit from selling its patented medicines to 45 of the world’s low-income countries, the company said.
The U.S. drugs giant plan includes 23 patented medicines and vaccines which treat infectious and rare inflammatory diseases and certain cancers.
“We are living in a time where science is increasingly demonstrating the ability to take on the world’s most devastating diseases,” Albert Bourla, Pfizer’s CEO, said. “Unfortunately, there exists a tremendous health equity gap in our world that determines which of us can use these innovations and which of us cannot.”
The firm has been criticized for making profits from its coronavirus-related vaccines. According to reports the pandemic has been lucrative for the company and its revenues last year doubled to $81.3 billion.
The firm made the announcement during the presentation of the Accord for a Healthier World at the World Economic Forum (WEF) annual meeting in Davos. To move would benefit more than a billion people.
Alongside Bourla was the president of Rwanda Paul Kagame, who said he hope other will join the effort. “Rapid and affordable access to the most advanced medicines and vaccines is the cornerstone of global health equity. Pfizer’s commitment under the accord sets a new standard which we hope to see emulated by others,” Kagame said.