financetom
Business
financetom
/
Business
/
Slow progress on Pfizer's plan to sell drugs to low-income nations at not-for-profit price, says CEO
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Slow progress on Pfizer's plan to sell drugs to low-income nations at not-for-profit price, says CEO
Sep 26, 2024 5:11 AM

LONDON, Sept 26 (Reuters) - Pfizer ( PFE ) has so far signed up

less than a quarter of the countries targeted under a plan to

make its medicines available to the world's poorest nations at

not-for-profit prices, just over two years after it launched.

The programme, which Pfizer ( PFE ) called "An Accord for a

Healthier World," launched in 2022 and was expanded to cover

more products in 2023. It aims to provide 45 low-income

countries affordable access to Pfizer's ( PFE ) entire portfolio of

drugs and vaccines, including bestsellers like blood thinner

Eliquis and cancer drug Ibrance, as well as new products.

The company had been criticized for its rollout of its

COVID-19 vaccine, with some poorer countries waiting for months

compared with wealthier ones.

Pfizer ( PFE ) chief executive Albert Bourla said in an interview

the progress was slower than he had hoped because "few countries

are really mobilising themselves to bring the products in". Ten

countries have signed up so far, Pfizer ( PFE ) said.

"It is extremely challenging in terms of bureaucracy,"

Bourla said. "They need to change the process of how they're

going to procure and they need to register the products, and

those are the bottlenecks."

Many of the countries initially listed, from South Sudan to

Myanmar, face significant competing challenges, including

conflict, natural disaster and disease outbreaks.

Five countries - Rwanda, Ghana, Malawi, Senegal and Uganda -

committed to joining the accord in 2022. Rwanda received the

first shipment of 1,500 treatment courses for infectious

diseases, inflammatory diseases and some cancers in September of

that year, but there have been no further details on drugs or

vaccines delivered since.

A Rwandan health official said it had expanded the number of

products it could buy from Pfizer ( PFE ) from eight to 20, and was

working with the company on accessing more.

"Rwanda has moved quickly," said Julien Mahoro Niyingabira,

a spokesperson for Rwanda's Ministry of Health.

Pfizer ( PFE ) is also in talks with ten more countries to join the

programme, but Bourla acknowledged the company had not spoken

directly to all of the countries it hoped would join, relying

instead in some cases on countries showcasing the program to

their neighbours.

"We are actively working with nearly half of the 45

accord-eligible countries," a spokesperson added by email. They

said the accord had the potential to reach one million patients

this year, based on doses delivered and product orders.

Bourla said many countries are most interested in Pfizer's ( PFE )

off-patent products, like sterile injectables - products used

regularly in hospitals, including basic tools like saline

drips.

"It's not a question of price," Bourla said, adding that

Pfizer's ( PFE ) pricing under the accord for many its off-patent drugs

is competitive with generics in the countries.

"It is, of course, the quality (that matters) in countries

where they have suffered a lot from counterfeits."

Bourla said the uptake of innovative drugs has been slower,

and the company is working with physicians in the countries on

improving access to diagnosis and managing the drugs.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Chatter: Brookfield Asset Management Fund Buys US Student Housing Properties for $893 Million
Market Chatter: Brookfield Asset Management Fund Buys US Student Housing Properties for $893 Million
Dec 10, 2024
12:16 PM EST, 12/10/2024 (MT Newswires) -- A Brookfield Asset Management ( BAM ) property fund bought student housing properties in the US for $893 million, 36% lower than the cost of replacing the properties and a 19% discount to recent trades, Bloomberg reported Tuesday, citing a company spokesperson. The 14 properties, with a total of about 8,700 beds, serve...
Prince Harry faces four days in witness box in Murdoch papers trial
Prince Harry faces four days in witness box in Murdoch papers trial
Dec 10, 2024
LONDON (Reuters) - Prince Harry could be quizzed for four days in the witness box by lawyers for Rupert Murdoch's News Group Newspapers (NGN) when his lawsuit against the publisher goes to trial next month, London's High Court was told on Tuesday. King Charles' younger son is suing NGN over alleged unlawful activities carried out by journalists and private investigators...
Boise Cascade Buys Parksite Door Shop in Florida
Boise Cascade Buys Parksite Door Shop in Florida
Dec 10, 2024
12:21 PM EST, 12/10/2024 (MT Newswires) -- Boise Cascade ( BCC ) said Tuesday it bought the assets of Parksite door shop located in Lakeland, Florida. The wood products company did not disclose terms of the acquisition. The door shop sells various glass doors, Boise Cascade ( BCC ) said, adding it plans to expand offerings to include interior flush...
UnitedHealth murder suspect faces extradition hearing in Pennsylvania
UnitedHealth murder suspect faces extradition hearing in Pennsylvania
Dec 10, 2024
ALTOONA, Pennsylvania, Dec 10 (Reuters) - The 26-year-old man accused of gunning down UnitedHealth ( UNH ) executive Brian Thompson in the streets of Manhattan will appear in a Pennsylvania court on Tuesday for a hearing on whether to extradite him to New York to face murder charges there, according to a court spokesperson. Luigi Mangione is scheduled for a...
Copyright 2023-2026 - www.financetom.com All Rights Reserved