Calpers urges GlaxoSmithKline to cut AIDS drugs prices
Date: 16 Apr 2003
The California Public Employees Retirement System (Calpers), the US's largest pension fund, has urged GlaxoSmithKline to review its policy of charging for AIDS drugs in developing countries.
In a letter to GSK chief executive Jean-Pierre Garnier, Calpers president, Sean Harrigan, said the company faces serious damage to its reputation and its share price because of the controversy surrounding the pricing of Aids treatments.
Calpers praised Glaxo for its existing humanitarian aid programmes, but argued that the nature and scale of the issues would leave the company open to criticism regardless.
Mr Harrigan said: "We request that GSK's corporate responsibility committee imme diately and continually evaluate the company's humanitarian efforts in light of a changing environment, including its response to the Aids epidemic."
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