On July 14, 2008, PIDI Standard entered into an agreement with the Clinton Foundation HIV/AIDS Initiative (CHAI), an affiliate to the Clinton Foundation founded by Mr. Clinton, former U.S. President, and officially became the partner supplier of Clinton Foundation, supplying artemisinin.
PIDI Standard has passed the Foundation's screening criteria including those on quality control and cost control and rigorous on-site review, and ultimately obtained the qualification.
On July 17, 2008, 13:00 pm, Mr. Clinton's Office and the Clinton Foundation office in Manhattan, New York, Mr. Clinton held a press conference announcing new agreements to lower prices and ensure new supply of malaria drugs..
Former U.S. President Bill Clinton, UN Special Envoy for Malaria and Chairman and CEO of Novartis Pharmaceuticals jointly announced the cooperation agreement at the press conference with six companies which are PIDI Standard , Calyx Chemicals, Cipla , Holley Pharmaceuticals , Ipca Laboratories and Mangalam.These six companies from around the world would join President Clinton's foundation in the fight against malaria.
Ms. Lin Ting, managing director of PIDI Standard, made a speech on the press conference on behalf of artemisinin extractors.
Up to 500 million people around the globe need malaria treatment each year. The agreements make prices for malaria drugs more affordable and sustainable to help meet growing global demand. The prices will be available to the 69 countries in Africa, Asia, Latin America and the Caribbean that make up the Clinton HIV/AIDS Initiative (CHAI) purchasing consortium.
“Nearly every life lost to malaria could have been saved with access to effective medicines,” President Clinton said. “My Foundation has helped organize markets for HIV/AIDS drugs and green technologies, and I am proud that we have been able to extend this model to malaria. Today's announcement is an important step forward in global efforts to increase access to affordable and effective malaria treatment, and I applaud the commitments of these companies to lower volatility in this market and offer low and sustainable prices that will save more lives.”
The scale up ACT access has been challenged by significant volatility in the artemisinin market.Beginning in 2004, a rapid but uneven increase in ACT demand led to the price of artemesinin fluctuating by more than 700 percent. The agreements will help to mitigate risk so new suppliers can enter the market.
The project was widely reported by some of the world mainstream media, including The Wall Street Journal, CNN, NBC, ABC, AOL NEWS, Reuters, New York Times and Washington Post.