The "Prescription for poverty" report estimates that the movement of money to tax havens by four companies (Abbott, J&J, Msd and Pfizer) in the three-year period 2013-2015 caused damage of over 3 billion dollars to many countries around the world
Aboutpharma – September 18, 2018
Oxfam accuses Big Pharma of moving large amounts of money offshore. In particular, the international confederation of non-profit organizations would do so through a new report Prescription for poverty. Pfizer, MSD, Johnson & Johnson and Abbott Laboratories are the companies named in the study. According to the document, the companies would deprive many countries of huge resources to be allocated to health care.
The report
Oxfam has estimated that in the US alone, the shortfall would be $2.3 billion a year. 3.7 billion the total considering countries such as Italy, Germany, Australia or the United Kingdom. The rate for the poorest countries is much lower; 112 million. The research was conducted on the consolidated financial statements of parent companies in the United States and 359 subsidiaries in the period 2013-2015 in 19 countries.
Over this three-year period, average profit margins (excluding taxes) in countries such as Australia, Denmark, France, Germany, Italy, New Zealand, Spain and the United Kingdom are lower than 7%. Del 5% in Chile, Colombia, Ecuador, India, Pakistan, Peru and Thailand. Oxfam allegedly used data held by the US Securities and Exchange Commission (SEC) and calculated that annual profits reached 30% in some cases of revenues. The report mentions four possible tax havens: Belgium, Ireland, the Netherlands and Singapore. The total amount transferred offshore by Pfizer, Johnson & Johnson, Abbott and Msd at the end of 2016 would be equal to 352 billion dollars.
The situation of Italy
In Italy, the under-tax contribution may have generated a loss of over 267 million dollars. Nothing to do with the estimates for France (418 million) and Germany (316 million). Instead, the United Kingdom is better than our country with 194 million.
Related news: Sex scandal overwhelms Oxfam: in Haiti those who had to help participated in orgies
