Pfizer to donate Russian profits to Ukrainian humanitarian support
Pfizer is set to donate all of its Russian profits to humanitarian support for Ukraine, the company confirmed late last night, as it vowed to continue to supply medicines to Russian patients.
The biotech giant, which rose to fame amid the pandemic, said in a statement that “a voluntary pause in the flow of our medicines to Russia would be in direct violation of our foundational principle of putting patients first.”
The New York-listed company added that halting the delivery of medicines, such as cancer therapies, would cause “significant patient suffering and potential loss of life, particularly among children and elderly people.”
Alongside donating its Russian profits, Pfizer will stop initiating new clinical trials in the country, as well as hold back from recruiting new patients in ongoing trials.
Pfizer is not significantly operationally tied to Russia, so its manufacturing will not be impacted by the decision.
Though the company will freeze all planned investments with Russian suppliers following plans to bolster its manufacturing capacity in the country.
“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 concluded.