Pfizer will donate all profits of its Russian subsidiary to provide humanitarian support to the people of Ukraine, said the company in its statement on Monday.
"Today we are announcing that effective immediately, Pfizer will donate all profits of our Russian subsidiary to causes that provide direct humanitarian support to the people of Ukraine. This will be in addition to all other recently announced donations from Pfizer to Ukraine," the statement by the company read.
Pfizer imposed new restrictions on Russia such as no longer initiating new clinical trials in Russia and stopping the recruitment of new patients in the company's ongoing clinical trials in the country.
Calling Russia's war in Ukraine brutal, the company said, "Pfizer stands with the unified global community across the public, private and civil society sectors in opposition to the Russian war in Ukraine and the brutal situation it has created."
Pfizer will work with FDA and other regulators to transition all ongoing clinical trials to alternative sites outside Russia.
"Consistent with our commitment to putting patients first, we will continue providing needed medicines to the patients already enrolled in clinical trials," it noted.
Pfizer will further cease all planned investments with local suppliers intended to build manufacturing capacity in Russia.
"Finally, while Pfizer doesn't own or operate any manufacturing sites in Russia, we will cease all planned investments with local suppliers intended to build manufacturing capacity in the country," it stated.
The company also said that it will continue to maintain the supply of medicines to Russia however asserted that this does not mean that it will continue doing business as usual in Russia.
The American multinational pharmaceutical company is concerned that a voluntary pause in the flow of our medicines to Russia would be in direct violation of the company's foundational principle of putting patients first.
"Ending delivery of medicines, including cancer or cardiovascular therapies, would cause significant patient suffering and potential loss of life, particularly among children and elderly people," the statement read.
"However, maintaining the supply of medicines to Russia does not mean we will continue doing business as usual in Russia," it asserted.
"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," said the company while condemning Russia.
( With inputs from ANI )
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