Pfizer Inc. signs a deal to allow generic-drug manufacturers to produce cheaper versions of its Covid-19 pill for developing countries, according to a report by Bloomberg on Tuesday.
- In the Tuesday statement, Pfizer announced signing an agreement with the UN-backed Medicines Patent Pool to authorize the experimental pill to generic companies with the capacity to supply the pill to nearly 53% of the global population.
- Pfizer is not expected to receive royalties in low-income countries and will not get royalties from sales to middle-income countries covered by the deal if Covid-19 persists as a public health emergency.
- The long-awaited deal could improve access to a powerful new virus-fighting tool. The chemical techniques utilized to produce pills are mature and long-established, and many generic companies can produce them at lower costs.
Pfizer has been under immense pressure to license the technology after announcing promising clinical-trial findings early in November. PFE down -0.22%