Hand drug pharmaceutical health Colin Campbell/Flickr

回购还是为未来出资

伦敦—英国首相卡梅伦要我担任抗耐药性问题评估的主管,当时我最没有想到的是这一职位会让我质疑公司财务管理最常用的工具之一:股票回购。

抗耐药性问题是一个严重的问题。如果不解决,到2050年每年都将有1,000万人因此死去,比目前癌症死亡人数还要多,经济损失更是高达100万亿美元。但是,幸运的是,我们可以做很多事情减轻这一威胁——只要我们可以获得足够的资源。

实现这一点的一个重要途径是开发新药。在一篇即将发表的文章中,抗耐药性评估(Review on Antimicrobial Resistance)估计,实现新抗生素上市并改善它们的管理需要耗资大约250亿美元——一笔巨款,但和问题得不到解决所引起的社会成本相比只是九牛一毛。而这也是世界最大的两家制药公司今年用于回购本公司股票的金额。

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