An illustration shows vials of a COVID-19 vaccine and syringes with the logos of US pharmaceutical company Pfizer and German partner BioNTech. Photo: AFP

US pharmaceutical giant Pfizer on Wednesday said it would sell its patented drugs on a not-for-profit basis to the world's poorest countries, as part of a new initiative announced at the World Economic Forum in Davos.

"The time is now to begin closing this gap" between people with access to the latest treatments and those going without, chief executive Albert Bourla told attendees at the exclusive Swiss mountain resort gathering.

"An Accord for a Healthier World" focuses on five areas: infectious diseases, cancer, inflammation, rare diseases and women's health - where Pfizer currently holds 23 patents, including the likes of Comirnaty and Paxlovid, its COVID-19 vaccine and oral treatment.

"This transformational commitment will increase access to Pfizer-patented medicines and vaccines available in the United States and the European Union to nearly 1.2 billion people," Angela Hwang, group president of the Pfizer Biopharmaceuticals Group, told AFP.

Five countries: Rwanda, Ghana, Malawi, Senegal and Uganda have committed to joining, with a further 40 countries - 27 low-income and 18 lower-middle-income - eligible to sign bilateral agreements to participate.

"Pfizer's commitment sets a new standard, which we hope to see emulated by others," Rwanda's President Paul Kagame said. 

But he added that "additional investments and strengthening of Africa's health systems and pharmaceutical regulators" would also be needed.

Developing countries experience 70 percent of the world's disease burden but receive only 15 percent of global health spending, leading to devastating outcomes. 

Across sub-Saharan Africa, one child in 13 dies before their fifth birthday, compared to one in 199 in high-income countries. 

Cancer-related mortality rates are also far higher in low and middle-income countries.

AFP