Kudos to drug giant GlaxoSmithKline and new leader Andrew Witty for a radical change in strategy towards cheap medicine for the world’s poor.
Excerpt of the article in The Guardian (link above)
[Andrew Witty] said that GSK will:
• Cut its prices for all drugs in the 50 least developed countries to no more than 25% of the levels in the UK and US – and less if possible – and make drugs more affordable in middle-income countries such as Brazil and India.
• Put any chemicals or processes over which it has intellectual property rights that are relevant to finding drugs for neglected diseases into a “patent pool”, so they can be explored by other researchers.
• Reinvest 20% of any profits it makes in the least developed countries in hospitals, clinics and staff.
• Invite scientists from other companies, NGOs or governments to join the hunt for tropical disease treatments at its dedicated institute at Tres Cantos, Spain.
My comments can be found on The Imaginary Journal of Poetic Economics.
Comments, Chemists Without Borders?
0 thoughts on “Drug giant GlaxoSmithKline pledges cheap medicine for world’s poor”
What a forward thinking leader Mr. Witty is. Gone are the days of unfettered capitalism of the last 3 decades. Pharmaceutical companies will be pressured, post financial turmoil and Obama era to change the way they conduct themselves, and GSK has blazed the way with this fabulous vision.
A cancer patient, i was initially happy to find out about the CML drug, Gleevec, but eventually become even angry at the company that was selling it at such obscenely high price that it wrecked my life.
I hail this initiative by GSK, and I support GSK all the way in this visionary quest. Wonderful, wonderful! A multiple standing ovation!!!
I like the idea of the patent pool. Keep us posted Heather!