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

tax specialists will grow substantially as tax issues for the industry become more complex.
  • More than half of the respondents said they are now being consulted early on by senior management in strategic business decisions, and thus have influence over the direction of the company. Still, 34 percent said they are consulted late in the game, and 9 percent of tax leaders said they are informed after the fact about strategic business decisions that have tax implications for the organization.
  • "To continue to deliver value to shareholders and society, pharmaceutical and life sciences companies must make strategic decisions about how they will drive innovation and profitability, but as they do so, each company's top tax executive needs a prominent 'seat at the C suite table,'" said Michael Swanick, global pharmaceutical and life sciences tax leader, PricewaterhouseCoopers. "Tax planning will be a critical consideration, not an afterthought, of long-term business plans to grow, buy, merge or sell and it will be one of the most important considerations in deciding where to locate IP, manufacturing and service delivery."

    Pharma 2020: Taxing times ahead - Which path will you take? is the fifth paper in the PricewaterhouseCoopers' Pharma 2020 series examining key forces reshaping the pharmaceutical marketplace. Focusing on the challenges and opportunities ahead from a tax perspective, the report identifies the following market forces making tax issues more complex.

    Economic and Government Pressure: Crackdown on Tax Havens

    The global recession has made tax authorities around the world hungry for new revenue sources to overcome growing budget deficits and potential new costs associated with healthcare reform initiatives. Governm
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    SOURCE PricewaterhouseCoopers
    Copyright©2009 PR Newswire.
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