What is Big Pharma? Thanks for asking!
At a time when the whole world is waiting for an effective COVID-19 vaccine, do citizens really trust the companies likely to be responsible for producing it? A few multinationals dominate the global pharmaceutical market and they are collectively known as Big Pharma. Common criticisms include a lack of transparency, lobbying and high prices.The term first appeared in the United States in the 1990s. Much along the same lines as Big Food or Big Oil, it describes an industry which is dominated by a small number of players. In the pharmaceutical industry, these are Novartis, Roche, Pfizer, Johnson & Johnson and Sanofi. The 10 largest companies currently generate $500bn in turnover each year, a figure which has doubled in the last decade.
So Big Pharma consists of a handful of companies who have huge power on a global level!
Some observers have commented that they have even more power than states. The Big Pharma label is often used by conspiracy theorists, who believe these companies are hiding cures for cancer or forcing dangerous vaccines upon us. Most recently, it’s alleged that Big Pharma companies have deliberately blocked effective drugs from being used to treat COVID-19. All to inflate their stock price, rather than helping people with their health problems.
I don’t get it - does Big Pharma actually exist, or is it a conspiracy theory? In under 3 minutes, we answer your questions!
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