An international group of institutional investors is calling on major pharmaceutical companies to collaborate, not compete, on efforts to fight the coronavirus.
The investor group with more than $2.1 trillion in collective assets said Thursday that it will be sending letters to the pharmaceutical companies with a list of principles to follow.
The investor group is being led by Achmea Investment Management, an affiliate of the Netherlands' largest insurer. So far the group has 40 members, including asset managers, pension funds and insurers.
The investors said that while they see the pharmaceutical industry working on several initiatives to curb the coronavirus, "unfortunately, at the same time, they have seen some examples of priority being given to short-term financial and competitive considerations, and this hinders the optimal action against the virus."