Prescription for Poverty
Drug companies as tax dodgers, price gougers, and influence peddlers
New Oxfam research shows that four pharmaceutical corporations—Abbott, Johnson & Johnson, Merck & CO (MSD), and Pfizer—systematically stash their profits in overseas tax havens. They appear to deprive developing countries of more than $100 million every year—money that is urgently needed to meet the health needs of people in these countries—while vastly overcharging for their products. And these corporations deploy massive influencing operations to rig the rules in their favor and give their damaging behavior a veneer of legitimacy. Tax dodging, high prices, and influence peddling by drug companies exacerbate the yawning gap between rich and poor, between men and women, and between advanced economies and developing ones.
Tommaso Faccio, Head of Secretariat at ICRICT, contributed to the technical research behind the report.
Read Oxfam New Zealand paper about the methodology.