Glaxo’s big pharma giveaway is smart business
Big Pharma doesn’t exactly have a great rep, but GlaxoSmithKline is helping change that. Andrew Witty announced the firm will no longer file patents in 85 of the world’s poorest nations and will grant licenses in 51 lower-middle income countries for generic manufacturers to make its drugs at low cost.
It’s part of Glaxo’s ‘flexible approach’ to IP – being strict with intellectual property rights only in countries that can afford it. It’s a win-win strategy. The company doesn’t make much money in the poorest markets anyway and it gains a PR victory, which could enhance its reputation and brand exposure.
