New proposals to fight diseases in developing world

A new report has revealed additional investment into tackling diseases in the developing world.

In its corporate responsibility report GlaxoSmithKline has announced that it is to make patented medicines far more affordable, in order to help improve medical treatment in developing countries.

From April 1st, prices for patented medicines in the poorest countries will be fixed at no higher than a quarter of the developed world price. This will affect 110 products and formulations.

Andrew Witty, chief executive of GlaxoSmithKline, said: "Continually strengthening our contract with society is vitally important and this is why we are fully committed to operating to the highest ethical standards.

"This report emphasises our determination to do just that - whether it is by cutting prices in the world's poorest countries, being more flexible with our intellectual property to encourage more research into neglected diseases, or increasing transparency to facilitate clinical research."

GlaxoSmithKline is also set to increase its charitable support by 13 per cent.

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