Pills Scott Barbour/Getty Images

Преодоление рыночных барьеров на пути новых антибиотиков

ЛОНДОН – Некоторые инвесторы абсолютно уверены, что ловкие финансовые операции менеджмента компании, помогающие повысить цену её акций, – это хорошо. Согласно этой узкой логике, нам не следует беспокоиться, если вдруг цена акций фармацевтических компаний начинает расти не благодаря новым научным открытиям, а из-за финансовых манипуляций, таких как обратный выкуп акций или смена налоговой юрисдикции.

Однако фармацевтическая отрасль не похожа ни на одну другую. Она неразрывно связана с общественным благом, так как исторически занимается медицинскими инновациями, необходимыми обществу, чтобы иметь возможность бороться с болезнями. Более того, хотя клиентами отрасли являются пациенты, фактическим покупателем лекарств зачастую выступает государство. Даже в США на долю госзакупок приходится, по меньшей мере, 40% рынка лекарств по рецептам.

Власти оплачивают также большинство научных исследований, которые затем приносят прибыль этой отрасли. Правительство США является крупнейшим в мире спонсором медицинских исследований и разработок; в целом в мире налогоплательщики оплачивают треть расходов на медицинские исследования. Не стоит поэтому удивляться, если вдруг власти начинают требовать, чтобы инновационные усилия отрасли направлялись туда, где имеется наибольшая выгода для налогоплательщиков и пациентов, а не туда, где отрасль может получить наибольшую прибыль в краткосрочной перспективе, например, в финансовые манипуляции.

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