Hand drug pharmaceutical health Colin Campbell/Flickr

Обратный выкуп или инвестиции в будущее?

ЛОНДОН – Когда британский премьер-министр Дэвид Кэмерон попросил меня возглавить комиссию по проблемам устойчивости вирусов к противомикробным препаратам, последнее, чего я ожидал, согласившись на эту должность, что мне в итоге придется усомниться в пользе одного из самых популярных инструментов в управлении корпоративными финансами – обратного выкупа акций.

Проблема устойчивости вирусов к противомикробным препаратам очень серьезна. Если не обращать на неё внимания, к 2050 году она станет причиной смерти около 10 млн человек ежегодно (это больше, чем сейчас умирает от рака), а также огромного экономического ущерба в размере $100 трлн. Однако, к счастью, мы можем сделать многое для уменьшения этой угрозы – правда, при условии доступа к адекватным ресурсам.

Одно из важных направлений работы – создание новых лекарств. Скоро выйдет доклад Комиссии по оценке устойчивости к противомикробным препаратам, в котором стоимость вывода новых противомикробных лекарств на рынок, а также совершенствование их администрирования, оценивается примерно в $25 млрд. Это значительная сумма, но она меркнет в сравнении с той ценой, которую заплатит общество, если проблема не решится. Примерно такую же сумму две крупнейшие в мире фармацевтические компании потратят в этом году на обратный выкуп своих акций.

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