Pfizer allows its Covid-19 pill to be made by other companies in 95 countries

Drugmaker Pfizer Inc. has signed a deal with a U.N.-backed group to allow other manufacturers to make its experimental Covid pill, a move that could make the treatment available to more than half of the world's population.

In a statement issued Tuesday, Pfizer said it would grant a license for the antiviral pill to the Geneva-based Medicines Patent Pool, which would let generic drug companies produce the pill for use in 95 low- and middle-income countries, making up about 53% of the world's population.

Under the terms of the agreement, Pfizer will not receive royalties on sales in low-income countries and will waive royalties on sales in all countries covered by the agreement while COVID-19 remains a public health emergency.

Also watch: Pfizer says its Covid-19 pill cuts hospital, death risk by nearly 90%

Earlier this month, Pfizer said its pill cut the risk of hospitalisation and death by nearly 90% in people with mild to moderate coronavirus infections. Independent experts recommended halting the company's study based on its promising results.