Pills Scott Barbour/Getty Images

Cómo resolver los fallos del mercado de antibióticos

LONDRES – Desde el estricto punto de vista de algunos inversores, no hay nada malo en que una empresa use una gestión financiera astuta para subir el precio de sus acciones. Según esta lógica estrecha, también tratándose de la industria farmacéutica, no debe preocuparnos que el valor de las empresas suba por maniobras financieras (como recompra de acciones u operaciones para tributar menos cambiando el domicilio fiscal) en vez de en respuesta a nuevos hallazgos.

Pero la industria farmacéutica no es una industria más. Está intrínsecamente ligada al bien público: a lo largo de la historia generó innovaciones médicas esenciales para que las sociedades puedan combatir las enfermedades. Además, aunque sus consumidores sean los pacientes, el verdadero comprador suele ser el fisco. Incluso en Estados Unidos, las compras del sector público ascienden al menos al 40% del mercado de medicamentos recetados.

El Estado también financia gran parte de las investigaciones que sostienen las ganancias de la industria. El gobierno estadounidense es el mayor aportante individual de fondos para investigación y desarrollo en medicina, y la tercera parte de la inversión mundial en investigación sanitaria la financian los contribuyentes. Es comprensible que las autoridades insistan en que la industria centre sus esfuerzos en innovar en áreas que ofrezcan el mayor beneficio a contribuyentes y pacientes, en vez de actividades que (como las maniobras financieras) tal vez sean más rentables para la industria en el corto plazo.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in

  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now