Pfizer announced it would offer its entire portfolio of 500 drugs to dozens of low-income countries on a not-for-profit basis, but critics called the move a “PR stunt” by a company “obsessed with making of obscene profits.”
The pharmaceutical giant announced today that it will provide access to 500 patented and generic medicines and vaccines in 45 countries, mainly in the Middle East and Africa.
This includes the company’s flagship Covid vaccine, chemotherapy, oral cancer treatments, a range of antibiotics and any future drugs and injections that Pfizer brings to market.
It comes after Pfizer faced huge public backlash over plans to quadruple the price of its Covid injection this year, despite record profits amid the pandemic.
Pfizer’s profits soared during the pandemic thanks to the Covid vaccine and antiviral drug
Pfizer’s Accord for a Healthier World provides access to its medicines and vaccines to 45 low-income countries around the world
A health worker administers a vaccine to a child at the Bundung Maternal and Child Health Hospital in Bundung, The Gambia, August 30, 2022. The Gambia is one of 45 low-income countries that will benefit from expanded access to Pfizer’s off-patent medicines and vaccines
Democrats accuse Pfizer of “sheer and deadly greed” over plan to quadruple cost of its Covid injection next year
Sen. Elizabeth Warren of Massachusetts and Peter Welch of Vermont, elected to the Senate, sent a scathing letter Monday to the pharmaceutical giant’s CEO, Albert Bourla, urging him to change course.
Pfizer Chairman and CEO Albert Bourla said in a statement today, “Our hope is to empower country governments and other multisectoral partners and jointly develop solutions to overcome many of the system-level barriers to better health.”
But the People’s Vaccine, a coalition of more than 100 organizations working to “end vaccine apartheid,” questioned the authenticity of the gesture, which came just weeks after Democrats accused Pfizer of vaccine greed for raising the price of its Covid – injection sped up.
Mohga Kamal-Yanni, co-policy leader of the People’s Vaccine Alliance, said: “This is a PR spin that combines a large number of products with little serious engagement. This is not an act of goodwill.
“Many off-patent medicines are already produced by generic companies in the global south, raising the question: is Pfizer targeting generic competition?”
Ms Kamal-Yanni argued that the company’s secrecy about the true costs of research, development and production meant that the not-for-profit promise “cannot be verified”.
She added: “The world needs to remember that generic drug competition has driven down HIV drug prices and given millions of people access to treatment. But Pfizer’s ‘deal’ does not allow generic companies to make patented drugs.”
Since 2000, access to HIV drugs has increased dramatically to more than five million people in developing countries, thanks to the production of generic versions of often patented drugs that have driven down drug prices.
The People’s Vaccine said there are still parts of the world that will not have access, such as Latin America: “Where a sick person lives should not determine whether they live or die. And the decision about who has access to medicine should in no way be made by a company obsessed with making obscene profits. Pfizer has no right to play god.”
Pfizer’s profits soared during the pandemic thanks to both the Covid vaccine and the antiviral drug Paxlovid, which won major government contracts.
The New York-based company generated estimated sales of $100 billion last year, up from $81.2 billion in 2021.
By comparison, Pfizer had annual sales of about $40 billion before the pandemic.
Despite the obscene profits, Pfizer announced plans in October to raise the price of its injection to $130.
The new price will come into effect as soon as the government has used up the doses purchased in preparation for the winter and the vaccine goes on the open market in the spring.
Lawmakers accused Pfizer of “improper profiteering” and warned that the vaccine could become unaffordable for the uninsured and skyrocket premiums for those who are.
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Crystal Leahy is an author and health journalist who writes for The Fashion Vibes. With a background in health and wellness, Crystal has a passion for helping people live their best lives through healthy habits and lifestyles.
