Former U.S. President Bill Clinton and other world leaders announced Wednesday they struck a deal with a drug company to halve the price of a long-acting contraception implant for millions of women in developing nations.

The partnership is with Bayer HealthCare, the maker of the Jadelle progestogen implants, and will benefit some 27 million women. It will also prevent nearly 30 million unwanted pregnancies and lead to savings of hundreds of millions in health care costs, according to multiple reports.

Jadelle is a reversible contraceptive implant.

Besides fewer unwanted babies, fewer maternal and child deaths are other pluses resulting from the six-year purchasing commitment deal.

Clinton said the deal was another victory for people in developing countries.

“We in the wealthier countries can now see that by putting up a modest amount of money and pooling it with others and working with the providers, we can make market forces work to help poor people and save lives," Clinton told the U.N crowd. “This is a very big deal, and it will play itself out over and over again in the lives of citizens who will be safe, who will have healthier families and who will live longer lives.”