La financiarización de las grandes empresas farmacéuticas



Palabras clave:

Finanzas corporativas, Activos intangibles, Monopolio, Valor del accionista, Thorstein Veblen


En este artículo, empleamos un marco Vebleniano para analizar tres dimensiones de la financiarización corporativa: la expansión del balance, la creciente importancia de los activos intangibles y los crecientes niveles de pagos financieros. Nuestro enfoque es el sector farmacéutico, que está fuertemente dominado por un puñado de grandes corporaciones conocidas como Big Pharma. En nuestro análisis empírico de las cuentas financieras de 27 de las mayores corporaciones farmacéuticas mundiales para los años 2000-2018, encontramos evidencia de un cambio en el modelo de negocio de uno centrado en la capacidad productiva (reflejado por capital fijo e I + D) a uno centrado en activos intangibles (reflejados en patentes, marcas y fondo de comercio). El modus operandi de las grandes farmacéuticas se asemeja cada vez más al de un fondo de capital privado que genera rendimientos para los accionistas respaldados por el conocimiento monopolizado a través de los derechos de propiedad intelectual, el potencial de ganancias futuras capitalizadas y el aumento de la carga de la deuda. Nuestro marco facilita el estudio de los diferentes elementos de la financiarización y cómo co-evolucionan (o no) a lo largo del tiempo, dentro y entre industrias, y entre países o regiones globales.


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Cómo citar

Klinge, T. J. ., Fernandez, R. ., & Aalbers, M. B. . (2020). La financiarización de las grandes empresas farmacéuticas. Revista Internacional De Sociología, 78(4), e174.