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Pin to quick picksGlaxosmithkline Share News (GSK)

Share Price Information for Glaxosmithkline (GSK)

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Share Price: 1,733.50
Bid: 1,732.50
Ask: 1,733.00
Change: 5.00 (0.29%)
Spread: 0.50 (0.029%)
Open: 1,733.00
High: 1,739.50
Low: 1,724.50
Prev. Close: 1,728.50
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GlaxoSmithKline to drop patents in world's poorest countries

Thu, 31st Mar 2016 14:36

(ShareCast News) - London-listed pharmaceuticals giant GlaxoSmithKline said on Thursday that it is evolving its graduated approach to filing and enforcing patents so that IP protection reflects a country's wealth.In a statement ahead of a meeting of the UN High Level Panel on Access to Medicines, Glaxo said that for the least developed and low-income countries, it will not file patents for its medicines so that other companies can make cheaper generic versions of its medicines in those countries.For lower middle income countries, Glaxo will file for patents but will seek to offer and agree licences to allow supplies of generic versions of its medicines for 10 years. The company said it plans to seek a small royalty on sales in those countries.Finally, for high income countries, upper middle income countries and G20 nations, the pharma group will continue to seek full patent protection.Any Glaxo drugs on the WHO's list of essential medicines will be included in these changes.Chief executive officer Sir Andrew Witty said: "In itself, IP is not a barrier to access to medicines. However, we recognise that the global healthcare challenge requires us to be flexible in our approach and responsive to different needs, particularly as the disease burden shifts from infectious to non-communicable diseases."We continuously look at ways that GSK can further contribute to increasing access to medicines."Glaxo also announced plans to give developing countries access to the company's next-generation cancer drugs by allowing competitors to access its intellectual property through the UN-backed Medicines Patent Pool.At 1545 BST, GSK shares were down 0.1% to 1,411p.
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