Big Pharma and Traditional Capitalism to the Rescue

Big Pharma and Traditional Capitalism to the Rescue

Dec 11, 2020 The Philanthropy Roundtable

The Philanthropy Roundtable Senior Executive Fellow Howard Husock was published at the Washington Examiner, writing how through capitalism, pharmaceutical companies are working to create a COVID-19 vaccine. You can read the full text, published on Dec. 10, here, or read an excerpt below. 

"The prospective impact of the Pfizer and Moderna COVID-19 vaccines on public and economic health is virtually incalculable," Husock writes. "But the fact that two private pharmaceutical firms are the agents of discovery and production of such a profoundly important public good should not be taken for granted. Two publicly traded companies, putting their own funds at risk, will, we hope, deliver social benefits worth trillions in return for profits in the low billions. This flies in the face of an emergent narrative about traditional, for-profit firms: that absent clearly set out social and environmental goals, corporate behavior will not achieve them."

Read the rest here.