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Pfizer pledges to donate all Russian profits to humanitarian causes amid war in Ukraine

March 20, 2022
Life sciences

Just days ago, Pfizer’s CEO Albert Bourla, Ph.D., said the company would halt its investments in Russia but still supply needed medicines there. Now, Pfizer is taking its humanitarian commitment a step further by pledging to donate all profits from its Russian subsidiary.

Specifically, the Big Pharma will give those profits to “causes that provide direct humanitarian support to the people of Ukraine,” the company said in a Monday statement. The move comes after Bourla recently told CBS News’ “Face the Nation” Pfizer would be shutting down new investments in Russia amid its invasion of Ukraine.

Also on Monday, Pfizer said it will not run any new clinical trials in Russia, and it will stop recruiting for existing trials there. The company plans to work with regulators to move its existing trials to alternative sites.

“These decisions align with our patient-first values and ensures 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,” the company said in a statement.

Pfizer is far from alone among its peer group in offering support for Ukraine. More than two dozen pharma companies with European operations have pledged support for the Ukrainian people, according to a running tally from the European Federation of Pharmaceutical Industries and Associations

These commitments include cash and drug donations plus additional support for local employees. AbbVie, Amgen, AstraZeneca, GlaxoSmithKline, Eli Lilly, Merck, Novartis and many other companies have made commitments so far.

For its part, Bayer on Monday said it was stopping all “non-essential” business in Russia. The company is halting advertising and investment in Russia, for instance, but it’s continuing to deliver essential goods.

By Eric Sagonowsky

Source: fiercepharma.com

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