US pharmaceutical giant Pfizer has announced that it will sell its patented medicines to the world's poorest countries not for profit as part of a new initiative presented at the World Economic Forum in Davos.
CEO Albert Bourla said billions of the company's COVID-19 vaccine, Comirnaty, are being provided free of charge to low-income countries, primarily by the U.S. government. Still, those quantities are not available at this time.
The "Transactions for a Healthier World" focuses on five areas, infectious diseases, cancer, inflammation, rare illnesses, and women's health. Pfizer is currently on Comirnaty, Paxlovid, COVID vaccines, and oral treatments.
Five countries: Rwanda, Ghana, Malawi, Senegal, and Uganda have devoted themselves to joining, with an additional forty countries, 27 low-earnings and 18 lower-middle-earnings, eligible to signal bilateral agreements to participate.
Developing countries face 70% of the world's disease burden, but receive only 15% of the world's medical costs, with devastating consequences. Essential medicines and vaccines usually take 4-7 years to reach the poorest countries. Also, supply chain issues and resource-poor healthcare systems make it difficult for patients to receive them after they have been approved.