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Schering-Plough, Activist Group to Improve Drug Access.
Byline: Lewis Krauskopf
Apr. 21--Schering-Plough Corp. will move to improve access to its medicines under an agreement announced Tuesday with an activist group of faith-based investors.
Following talks with the Kenilworth-based drug maker that included CEO Fred Hassan, the Interfaith Center on Corporate Responsibility said the company committed to two programs to increase outreach to low-income patients.
As a result of the agreement, the interfaith center will withdraw a shareholder proposal concerning pricing policies at Schering-Plough, said Daniel Rosan, program director for public health at the center. The group's shareholders now plan to make a statement at the company's annual meeting April 27 on how Schering-Plough and other drug makers can do more to improve access to medicines.
The center, which seeks to influence corporate policy through its investments, plans to make proposals at shareholder meetings of other companies, including Merck & Co. and Pfizer Inc.
While the organization has had discussions with the other companies, Hassan is the only CEO to come to the table, Rosan said.
"We've been very disappointed in discussions with other drug ...
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