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Pharmaceutical and Life Sciences Companies Face Rising Tax Rates, Says PricewaterhouseCoopers
Date:12/1/2009

NEW YORK, Dec. 1 /PRNewswire/ -- The global financial crisis, government pressure, changing market dynamics for an industry experiencing significant change, and rapidly evolving healthcare reforms are likely to drive up the effective tax rate for the pharmaceutical and life sciences industry, according to a report released today by PricewaterhouseCoopers entitled Pharma 2020: Taxing times ahead - Which path will you take? The industry's response to these trends, including diminishing reliance on the 'blockbuster drug model,' will make tax planning more complicated and challenging for tax executives working for pharmaceutical and life sciences companies.

In a poll of 35 senior tax executives from pharmaceutical, biotech and medical device companies conducted last month by PricewaterhouseCoopers:

  • Six in ten tax leaders (62 percent of those polled) agreed that an increase in the effective tax rate for the pharmaceutical and life sciences industry is inevitable.
  • Sixty-three percent of the poll participants agreed that the cost of increased taxes on their organizations might eventually be passed to consumers unless they find ways to operate more efficiently and transform their approach to R&D and sales & marketing.
  • Sixty-two percent of tax executives polled said they are looking to maximize tax credits and other incentives for research and development.
  • Virtually all executives polled (100 percent) said they believe that the demand for
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SOURCE PricewaterhouseCoopers
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