Content provided in partnership with

Business Services Industry

We are not the problem - Chief Concern - pharmaceutical industry initiatives - Brief Article

Chief Executive, The, July, 2002 by Mary Hager

As told by HENRY MCKINNELL to Mary Hager

I am deeply concerned with the public's perception of business when it comes to social issues in the United States and around the globe. Many continue to see us as a part of the problem, a force to battle in the Light to right society's ills. In fact, we are a big part of the solution. And we must change this perception so that people will be willing to work with us--rather than against us--to achieve our goals.

There are several examples of this leadership in the pharmaceutical industry. One is the prescription drug benefit under Medicare. The Medicare program, developed in the '60s when prescription drugs were not a big part of medical care, must be modernized to provide drugs for those over 65.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

That's now being debated in Congress. But we'd rather see a private-sector solution, so we introduced our Share Card to provide a drug benefit to seven million low-income seniors. Other companies have similar programs. So while government debates, business has stepped in to provide benefits for those who need help.

Another example is the HIV/AIDS pandemic in sub-Saharan Africa, where 27 million people are believed to be HIV-positive. This is a large and complex issue and efforts of local governments have proven inadequate. The pharmaceutical industry has been blamed because of patents, high prices and denial of medicine to those in need. In fact, there are very few patents in sub-Saharan Africa, except South Africa, so the pharmaceutical industry has become the scapegoat for an array of medical problems, including lack of infrastructure.

Together with the World Health Organization, government and non-government organizations, and foundations, we've achieved dramatic results: We've strengthened the infrastructure, provided training in the latest AIDS treatments, improved care and made drugs available. We don't market antiretroviral drugs for HIV/AIDS outside the U.S., but we do have the world's leading anti-fungal agent, Diflucan, which is used for potentially fatal infections that may afflict HIV/AIDS patients. Together with the United Nations, WHO and local South African governments, we developed the Diflucan Partnership to provide the drug free of charge with training. Now we're expanding the partnership to the 50 least-developed countries.

Another private-sector partnership example is the International Trachoma Initiative, where we have committed more than $200 million in medicine and training programs and, working with the Edna McConnell Clark Foundation, the Bates Foundation and WHO, have set a goal of eliminating the world's leading cause of preventable blindness by 2020. Already we have dispensed 4 million doses, cut infection rates by 75 percent and prevented 20,000 cases of blindness.

We've also been involved in education reform, particularly K-12. More than 1,000 volunteers in 20 Pfizer communities are working in schools. We offer summer fellowships in math and science for biology and chemistry teachers; we created a charter school in Brooklyn; and we support the creation of chemistry labs in schools near our facilities. I personally have been part of high-level groups examining education.

Because we have the ability to help in so many ways, we have a moral imperative to do so. It's not easy, of course, nor is it cheap. Already this year the Pfizer Foundation has invested $35 million, and with product donation at wholesale costs, the contribution is more than $400 million per year. We're not displacing products we would otherwise sell, but making products available at discount prices or free of charge.

We believe that if you're only concerned with maximizing profits, you won't be successful. We've had positive comments from stockholders, and have had the support of colleagues. In many parts of the world, I hear questions about sustainability--something we don't always worry about in the health care field where needs are immediate. To people who challenge these programs, I answer that if it's in our interest and society's interest, it should be sustainable. In this world of 24/7 news, people are more aware of need in developing countries. As the world becomes ever more interconnected, it is critical that we be seen as a positive connection.

Henry McKinnell is the chairman, president and CEO of Pfizer, a $32 billion drug manufacturer based in New York. Send comments to chiefconcern@chiefexecutive.net.

Business Services Industry

We are not the problem - Chief Concern - pharmaceutical industry initiatives - Brief Article

Chief Executive, The, July, 2002 by Mary Hager

Find Research Guides for:

Find Featured Titles for: Autos

Most Popular Articles in Business

Most Popular Publications in Business