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March 14 (UPI) -- Pfizer will not begin any new drug trials in Russia and will also donate all profits from its subsidiary in that country, the drug company said Monday. All profits generated in Russia, will be donated to causes providing "direct humanitarian support to the people of Ukraine," the New York-based pharmaceutical company said in a statement.
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In addition to not initiating new clinical trials in Russia, the company will stop recruiting new patients for ongoing clinical trials in that country.
"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," the company's statement said.
Pfizer is the latest company to cut or restrict its business ties with Russia, over its widening invasion of Ukraine. The International Monetary Fund expects international sanctions to cause a "deep recession" in Russia.
The company's various medications are exempt from international sanctions, and the company will continue to make them available in Russia.
"Pfizer concluded that a voluntary pause in the flow of our medicines to Russia would be in direct violation of our 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 company said.
The company does not own or operate any manufacturing sites in Russia, however it will cease all planned investments with local suppliers intended to build manufacturing capacity in the country.
"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," the company said.
