Pfizer will keep supplying medicines to Russia, saying patients come first
Pfizer will donate all profits from its Russian subsidiary to Ukraine causes
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Pfizer on Monday said it will keep supplying medicine to Russia despite its opposition to the country's invasion of Ukraine.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 24.80 | -1.22 | -4.70% |
The U.S.-based pharmaceutical giant said that implementing a "voluntary pause in the flow of our medicines to Russia would be in direct violation of our foundational principle of putting patients first."
Pfizer on the facade of an office building in Shinjuku area of Tokyo (Cezary Kowalski/SOPA Images/LightRocket via Getty Images) / Getty Images)
Halting the delivery of critical medicines, such as cancer or cardiovascular therapies, would result in "significant patient suffering and potential loss of life, particularly among children and elderly people," the company continued.
However, its business in Russia will change in order to show its support for Ukraine.
"Pfizer stands with the unified global community across the public, private and civil society sectors in opposition to the Russian war in Ukraine and the brutal situation it has created," Pfizer said.
To support the embattled country, Pfizer is donating all profits from its Russian subsidiary to causes that will support Ukrainians, effective immediately.
A demonstrator holds a sign with the message "Abramovich can not be Portuguese" during a protest against the Russian invasion and in solidarity with the Ukrainian people, outside the Russian embassy in Lisbon, Sunday, Feb. 27, 2022. (AP Photo/Ana Brigida / AP Newsroom)
Pfizer doesn't have manufacturing sites in Russia, but it plans to stop all planned investments with local suppliers that were "intended to build manufacturing capacity in the country," according to the company.
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The company also announced that it will stop initiating new clinical trials in Russia and halt recruitment efforts for ongoing clinical trials in the country.
Pfizer plans to work with regulators, including the U.S. Food and Drug Administration (FDA), "to transition all ongoing clinical trials to alternative sites outside Russia." In the meantime, Pfizer says it will still provide needed medicines to the patients already enrolled in clinical trials.
People protest against Russia’s invasion of Ukraine outside the Russian Consulate on Feb. 24, 2022, in Istanbul, Turkey. (Mehmet Kacmaz/Getty Images / Getty Images)
"These decisions align with our patient-first values and ensure that every dollar of profit derived from Russia will strengthen Ukraine and its people as they continue to valiantly defend their nation and freedom from this unprovoked and unjustified attack," Pfizer continued.