Drug giant GlaxoSmithKline pledges cheap medicine for world’s poor
In a major change of strategy, the new head of GlaxoSmithKline, Andrew Witty, has told the Guardian he will slash prices on all medicines in the poorest countries, give back profits to be spent on hospitals and clinics and – most ground-breaking of all – share knowledge about potential drugs that are currently protected by patents.
Witty says he believes drug companies have an obligation to help the poor get treatment. He challenges other pharmaceutical giants to follow his lead.
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He 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-Âincome 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.
The extent of the changes Witty is setting in train is likely to stun drug company critics and other pharmaceutical companies, who risk being left exposed.
This is a good move by GSK.
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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 a 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!!!