Biopharmaceutical company Pfizer Inc (NYSE:PFE) announced on Wednesday that it has launched 'An Accord for a Healthier World', which aims to provide all of the company's patented, high-quality medicines and vaccines available in the United States or the European Union to 1.2 billion people in 45 lower-income countries on a not-for-profit basis.

The Pfizer Accord initiative is intended to reduce the health inequities that exist between many lower-income countries and the rest of the world. Accord countries include all 27 low-income countries as well as 18 lower-middle-income countries that have transitioned from low to lower-middle-income classification in the last decade.

Pfizer said it will collaborate with healthcare officials in Rwanda, Ghana, Malawi, Senegal and Uganda to ensure access to all medicines and vaccines. Expertise will be used to support diagnosis, healthcare professional education and training, as well as supply chain management and other infrastructure enhancements. Learnings from these five countries will be applied to support the rollout for the remaining 40 countries.

The company added that it will work with Accord participants to find quick and efficient regulatory pathways and procurement processes. Pfizer has committed to provide 23 medicines and vaccines that treat infectious diseases and certain cancers, along with rare and inflammatory diseases.