Hand drug pharmaceutical health Colin Campbell/Flickr

Riacquistare azioni o pagare dividendi?

LONDRA – Quando il Primo ministro britannico David Cameron mi ha chiesto di condurre uno studio sul problema della resistenza antimicrobica, l’ultima cosa che mi sarei aspettato era che accettare l’incarico mi avrebbe portato a interrogarmi su uno degli strumenti più usati nella gestione finanziaria delle aziende: il riacquisto di azioni.

Il problema della resistenza antimicrobica è serio. Se non viene affrontata, entro il 2050 rischia di diventare responsabile della morte di circa dieci milioni di persone all’anno, più di quante ne muoiono attualmente di cancro, oltre a danni economici per una cifra impressionante come 1.000 miliardi di dollari. Fortunatamente, tuttavia, possiamo fare molto per attenuare la minaccia – purché ci siano adeguate risorse a disposizione.

Un’importante via da perseguire è lo sviluppo di nuovi medicinali. In un articolo di prossima uscita, la Review on Antimicrobial Resistance stima che lanciare nuovi antimicrobici sul mercato e migliorare la loro amministrazione costerà circa 25 miliardi di dollari– una cifra significativa, ma che perde valore se rapportata ai costi sostenuti dalla società se il problema non viene affrontato. Si tratta inoltre dell’importo che, indicativamente, due delle maggiori compagnie farmaceutiche del mondo spenderanno quest’anno per riacquistare le loro azioni.

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