DAVOS, Switzerland: American pharmaceutical giant Pfizer said on Wednesday it would sell its patented drugs on a not-for-profit basis to the world's poorest countries as part of a new initiative announced at the World Economic Forum in Davos.

"The time is now to begin closing this gap" between people with access to the latest treatments and those going without, Pfizer Chief Executive Officer Albert Bourla told attendees at the Swiss mountain resort gathering.

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