Monday, April 6, 2020 - 04:00PM Asia/Singapore
Pfizer Inc. (NYSE: PFE) and The Pfizer Foundation today announced the commitment of $40 million in medical and charitable cash grants to help combat the global health effects of the COVID-19 pandemic in the U.S. and around the world. The donation addresses the urgent needs of partners who are working to slow the spread of the virus within communities and strengthen vulnerable healthcare systems against future public health threats. Pfizer is also responding to patient and healthcare provider needs during this unprecedented time by evolving its U.S. Patient Assistance Program and donating additional critical medicines and vaccines in the U.S. and around the world.
“We are in the midst of a global health crisis and understand the need for immediate and significant philanthropic and private sector contributions to help sustain local and global partners on the front lines of the pandemic response, with the goal of saving lives,” said Caroline Roan, President, The Pfizer Foundation and Vice President, Global Health & Patient Access, Pfizer Inc. “At Pfizer, we believe it is our responsibility to help protect the most vulnerable from this disease and are putting the full weight of our resources behind our comprehensive COVID-19 response.”
The combined donation includes medical and charitable grants from Pfizer Inc. and The Pfizer Foundation to support both domestic and global responses.
U.S. Grant Response Efforts
In states across the country with high COVID-19 disease burden, emergency relief funds will be provided to government public health organizations to help address local COVID-19 health needs, as well as non-profit community health organizations. Grant funding will also be provided to charitable community health clinics for immediate and longer-term needs of frontline healthcare workers addressing infectious disease priorities and the COVID-19 response.
Global Grant Response Efforts
Outside the U.S., grant funding will be provided to international non-governmental organizations (INGOs) and partners that support direct COVID-19 relief and longer-term health systems strengthening. Over the last several weeks, more than $1 million in grant funding has been provided to established partners, including Direct Relief, Project HOPE and International Medical Corps, to support the provision of urgently needed supplies to frontline healthcare workers and to aid in global recovery efforts.
Through its Global Medical Grants program, Pfizer will provide $5 million in funding to support meritorious educational and research proposals that seek to improve the recognition, diagnosis, treatment and overall management of patients with COVID-19. Quality Improvement grant funding will be available for medical centers, hospitals and clinics to improve the management and outcome of patients with COVID-19.
The majority of the donations will be distributed to partners within the next four to six weeks based on a previous evaluation of response priority needs and partner resource capabilities and gaps. Pfizer, The Pfizer Foundation and its partners will monitor and assess the evolving nature of the pandemic and the impact of these grants. These donations build on Pfizer’s longstanding commitments in the U.S. and around the world to fight infectious disease, strengthen healthcare systems and reduce health disparities for patients in need, particularly in underserved communities.
U.S. Patient Assistance and Global Product Donations
To help address the evolving needs of patients and provide uninterrupted access to their medicines, Pfizer has also quickly adapted elements of its U.S. Patient Assistance Program to accommodate the challenges eligible patients are facing by increasing medication supply during the quarantine, upon request, and where possible, accepting telehealth prescriptions, among other efforts. Pfizer has also partnered with governments, INGOs and U.S. non-profit organizations to donate and distribute essential medications and vaccines.
Pfizer Colleague Engagement and Matching gifts
As previously announced, Pfizer has created a new Global COVID-19 Medical Service Program that empowers medical colleagues to provide diagnostic, treatment and public health support in the battle against COVID-19. Licensed medical professionals who feel duty-bound to provide their services during this crisis will now have a way to engage in the fight. Colleagues will continue to receive their full pay, benefits and be able to return to their position upon completion of service.
In addition, many of Pfizer’s approximately 90,000 colleagues are donating their time and skills through virtual and other safe volunteer activities to help address urgent COVID-19 related health needs at the community level, and The Pfizer Foundation is matching colleague donations to local, national and global charitable organizations.
About the Pfizer Foundation
The Pfizer Foundation is a charitable organization established by Pfizer Inc. It is a separate legal entity from Pfizer Inc. with distinct legal restrictions. The Foundation’s mission is to promote access to quality healthcare, to nurture innovation, and to support the community involvement of Pfizer colleagues.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.
The information contained in this release is as of April 6, 2020. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about Pfizer’s efforts to battle COVID-19 that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including uncertainties regarding the results of screening and the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable pre-clinical or clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when drug applications for any potential antiviral compounds may be filed or approved in any jurisdictions, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of any such products; our manufacturing capabilities; and competitive developments. A further description of risks and uncertainties can be found in Pfizer's Annual Report on Form 10- K for the fiscal year ended December 31, 2019 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned "Risk Factors" and "Forward-Looking Information and Factors That May Affect Future Results", as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.