Pfizer to Sell Entire Drug Portfolio at Cost Price in Up to 45 Low-Income Countries

On May 25, Pfizer announced plans to sell its entire portfolio of medicines at cost in up to 45 low-income countries. The initiative will launch initially in five African countries, offering 23 treatments for cancer, rare diseases, inflammation, and infectious diseases, eventually encompassing all of Pfizer's therapies or vaccines.

Pfizer stated that these drugs would be sold at production cost, typically just a fraction of the price in the U.S. or European markets. The company also plans to invest in local health systems to improve diagnostic capabilities, obtain drug approvals, and ensure doctors know how to use these medications.

During the COVID-19 pandemic, Pfizer sold its vaccine for about $7 per dose in low-income countries, close to its cost, while the price in the U.S. was $19.50. For COVID-19 and other diseases, peer pharmaceutical companies have launched similar low-cost programs, particularly targeting diseases common in developing countries. However, for most drug categories, many of the latest and most advanced therapies may take years to reach low-income markets.

Following Wednesday's announcement, Pfizer will open the program to any other low-income countries as well as those that have transitioned from low-income to lower-middle-income under the World Bank’s definition in the past decade. This includes much of sub-Saharan Africa as well as Asian and Middle Eastern countries including Bangladesh, Cambodia, Laos, Syria, and Yemen. The World Bank defines low-income countries as those with a gross national income per capita of less than $1,000 per year.

Reference Source:Global Market Express