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.
Oxfam is advocating for pharmaceutical companies to pay their fair share of taxes, make their medicines affordable, and stop rigging rules and policies in ways that undermine the fight against inequality and poverty.
We are calling on governments to insist that companies publish financial information about every country where they do business, so it is clear if they are paying their fair share of tax.