GlaxoSmithKline to make medicines mores accessible, it asserts

GlaxoSmithKline (GSK) will take steps to deliver on its promise to make patented medicines more affordable, it has stated.

The company released its Corporate Responsibility Report – which outlined how it was going to work to improve access to drugs in developing countries – yesterday.

In order to assist others create potential treatments for diseases which are often overlooked, the firm will place over 500 granted patents and over 300 pending applications in a pool.

Around 20 per cent of its profits made from the sales of medicines sold in developing countries will be reinvested to support the healthcare infrastructure in certain locations.

Further to this, the costs of 110 products and formulations will be cut in poorer regions by an average of 45 per cent from April 1st onwards.

Andrew Witty, chief executive officer of GSK, recognised the company has “unique and privileged capabilities”.

“Continually strengthening our contract with society is vitally important and this is why we are fully committed to operating to the highest ethical standards,” he commented.

Earlier this month, the pharmaceutical business sold 5,749,157 shares of Quest Diagnostics’ common stock.