In a bid to make its medical products more accessible, US pharma giant Pfizer Inc. has decided to sell nearly two dozen patent-protected medicines and vaccines at not-for-profit prices to 45 low-income countries, the Wall Street Journal has reported.

Pfizer will begin shipping the medicines first to Ghana, Malawi, Rwanda, Senegal and Uganda before the end of this year, Chief Executive&nbsp;Albert Bourla told the US newspaper on Wednesday.

The company said that it is working with governments to improve their health-system infrastructure and resolve regulatory and procurement obstacles that often delay the arrival of drugs.

Among the 23 drugs that are being sent for almost a fraction of the cost are for cancer, heart conditions and autoimmune diseases.

The report suggests that the move to sell its medicines at a cheaper cost will help Pfizer build a potentially large new market for prescription drugs and vaccines and also earn goodwill with employees for philanthropic efforts.

It comes at a time when US pharma giants such as Pfizer, and Moderna have been facing criticism over pricing and for keeping monopoly control over vaccines and new Paxlovid pill.

Pfizer has made nearly $26bn in revenues in the first three months of 2022, the bulk from its COVID-19 vaccine and new pill to treat the virus, The Guardian reported.

The New York-based firm&nbsp;posted total sales&nbsp;of $25.7bn in the first quarter, up 77 per cent from a year earlier.

Pfizer has also voiced its opposition to sharing its intellectual property for medicines, saying that others would struggle to produce its mRNA vaccine – one of only two on the market. It said that “it is not as simple as sharing the ‘recipe’”.

(With inputs from agencies)

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In a bid to make its medical products more accessible, US pharma giant Pfizer Inc. has decided to sell nearly two dozen patent-protected medicines and vaccines at not-for-profit prices to 45 low-income countries, the Wall Street Journal has reported.

In a bid to make its medical products more accessible, US pharma giant Pfizer Inc. has decided to sell nearly two dozen patent-protected medicines and vaccines at not-for-profit prices to 45 low-income countries, the Wall Street Journal has reported. Pfizer will begin shipping the medicines first to Ghana, Malawi, Rwanda, Senegal and Uganda before the end of this year, Chief Executive Albert Bourla told the US newspaper on Wednesday. The company said that it is working with governments to improve their health-system infrastructure and resolve regulatory and procurement obstacles that often delay the arrival of drugs. Among the 23 drugs that are being sent for almost a fraction of the cost are for cancer, heart conditions and autoimmune diseases. The report suggests that the move to sell its medicines at a cheaper cost will help Pfizer build a potentially large new market for prescription drugs and vaccines and also earn goodwill with employees for philanthropic efforts. It comes at a time when US pharma giants such as Pfizer, and Moderna have been facing criticism over pricing and for keeping monopoly control over vaccines and new Paxlovid pill. Pfizer has made nearly $26bn in revenues in the first three months of 2022, the bulk from its COVID-19 vaccine and new pill to treat the virus, The Guardian reported. The New York-based firm posted total sales of $25.7bn in the first quarter, up 77 per cent from a year earlier. Pfizer has also voiced its opposition to sharing its intellectual property for medicines, saying that others would struggle to produce its mRNA vaccine – one of only two on the market. It said that “it is not as simple as sharing the ‘recipe’”. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid criticism of Covid profiteering, Pfizer to sell vaccines, drugs at lower prices to poor nations

In 2021, Pfizer's annual profits were more than double what they were in 2020. The company brought in $22 billion in profits in 2020. Vaccine sales accounted for 36.8 billion of the $81.3 billion in annual revenues.

"2021 was a watershed year for Pfizer," said Chief Executive Albert Bourla in a statement. "Our successes in leading the fight against COVID-19 have not only made a positive difference in the world; I believe they have fundamentally changed our company forever."

Also read |&nbsp;<a href="https://www.wionews.com/world/modernas-spikevax-coronavirus-vaccine-gets-full-fda-approval-in-us-449362" hreflang="en">Moderna's 'Spikevax' coronavirus vaccine gets full FDA approval in US</a>

However, the bumper sales prompted accusations of "pandemic profiteering" from campaigners. Pfizer's revenue of $81bn is more than the GDP of most countries, according to Global Justice Now, which accuses the company of "ripping off public health systems."

Worldwide, the vaccines produced by Pfizer Covid, US rival Moderna, and Britain's AstraZeneca have saved millions of lives.

Pharmaceutical companies have, however, been accused of not sharing their vaccine recipes, which would allow drugmakers in poorer countries to produce cheaper versions of their products.

Also read |&nbsp;<a href="https://www.wionews.com/world/more-than-3000-personnel-face-getting-discharged-as-us-army-tightens-vaccine-mandate-rules-449993" hreflang="en">More than 3000 personnel face getting discharged as US Army tightens vaccine mandate rules</a>

Global Justice Now pointed out that BioNTech invented Pfizer's COVID-19 vaccine, which was funded by a €100 million (£84 million) loan from the European Investment Bank and a €375 million German government grant.

According to Tim Bierley, a pharma campaigner for the group, mRNA vaccines should have revolutionised the global Covid response, but Pfizer is withholding this essential medical innovation from the world, ripping public health systems off for an "eye-watering mark-up."

As Pfizer reported a more than doubling of annual profits on strong vaccine sales, the giant pharma company has also forecasted more than $50 billion in sales for COVID-19 vaccine and therapeutic by 2022.

Watch |&nbsp;DCGI grants emergency use permission to single-dose Sputnik Light Covid-19 vaccine

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Pfizer, which along with BioNTech won approval for the first vaccine to combat the deadly virus, sees slightly lower revenue from the vaccine in 2022 compared to the previous year, but huge growth from the company's COVID-19 pill Paxlovid.

The results are the latest proof of how the Coronavirus has transformed Pfizer. It predicted just $15 billion in vaccine sales for COVID-19 a year ago, but ended up selling more than twice that amount after increasing its forecast repeatedly.

(With inputs from agency)

In 2021, Pfizer's annual profits were more than double what they were in 2020. The company brought in $22 billion in profits in 2020. Vaccine sales accounted for 36.

In 2021, Pfizer's annual profits were more than double what they were in 2020. The company brought in $22 billion in profits in 2020. Vaccine sales accounted for 36.8 billion of the $81.3 billion in annual revenues. "2021 was a watershed year for Pfizer," said Chief Executive Albert Bourla in a statement. "Our successes in leading the fight against COVID-19 have not only made a positive difference in the world; I believe they have fundamentally changed our company forever." Also read | Moderna's 'Spikevax' coronavirus vaccine gets full FDA approval in US However, the bumper sales prompted accusations of "pandemic profiteering" from campaigners. Pfizer's revenue of $81bn is more than the GDP of most countries, according to Global Justice Now, which accuses the company of "ripping off public health systems." Worldwide, the vaccines produced by Pfizer Covid, US rival Moderna, and Britain's AstraZeneca have saved millions of lives. Pharmaceutical companies have, however, been accused of not sharing their vaccine recipes, which would allow drugmakers in poorer countries to produce cheaper versions of their products. Also read | More than 3000 personnel face getting discharged as US Army tightens vaccine mandate rules Global Justice Now pointed out that BioNTech invented Pfizer's COVID-19 vaccine, which was funded by a €100 million (£84 million) loan from the European Investment Bank and a €375 million German government grant. According to Tim Bierley, a pharma campaigner for the group, mRNA vaccines should have revolutionised the global Covid response, but Pfizer is withholding this essential medical innovation from the world, ripping public health systems off for an "eye-watering mark-up." As Pfizer reported a more than doubling of annual profits on strong vaccine sales, the giant pharma company has also forecasted more than $50 billion in sales for COVID-19 vaccine and therapeutic by 2022. Watch | DCGI grants emergency use permission to single-dose Sputnik Light Covid-19 vaccine Pfizer, which along with BioNTech won approval for the first vaccine to combat the deadly virus, sees slightly lower revenue from the vaccine in 2022 compared to the previous year, but huge growth from the company's COVID-19 pill Paxlovid. The results are the latest proof of how the Coronavirus has transformed Pfizer. It predicted just $15 billion in vaccine sales for COVID-19 a year ago, but ended up selling more than twice that amount after increasing its forecast repeatedly. (With inputs from agency)

Vaccine maker Pfizer faces accusations of 'pandemic profiteering' as profits double

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Amid criticism of Covid profiteering, Pfizer to sell vaccines, drugs at lower prices to poor nations

Vaccine maker Pfizer faces accusations of 'pandemic profiteering' as profits double