국내 다국적제약사 이전가격분석에 관한 연구

This article discusses the major issues raised in the transfer pricing analysis for the multinational pharmaceutical companies in Korea. In this regard, the characteristics of the ethical pharmaceutical industry e.g., products, market, business operations, transfer pricing and medical insurance reimbursement pricing system, are briefly explained first and then analyzed in the context of a transfer pricing analysis. Based on the understanding of such industry characteristics, some of the major issues confronting practitioners in developing a transfer pricing analysis have been identified for more frequently applied transfer pricing methodologies, i.e., (i) the Comparable Uncontrolled Price (CUP) Method and (ii) Resale Price Method (RPM) or Transactional Net Margin Method (TNMM). First, with regard to the application of the CUP method, there are two major issues: (a) whether a generic product can be treated as comparable to its original product; and (b) if so, whether any differences between an original and its generic products can be reasonably adjusted. There are certainly some clear differences, but it appears practically difficult to quantify and reasonably adjust for the differences between an original and its generic products under the CUP method. Second, with regard to the application of the RPM or the TNMM, the following issues should be considered: (a) the available categories of comparable companies (pharmaceutical wholesalers vs. pharmaceutical manufacturers) and necessary considerations for product similarity (e.g., pharmaceutical drugs, medical supplies,medical devices, etc.); (b) the nature of secondary manufacturing and the adjustment for the differences in functions performed, customs duty, etc.; (c) accounting and/or structural differences in income statements between multinational and domestic pharmaceutical companies, caused by the medical insurance reimbursement pricing system for generic products, the differences between prescription drugs and OTC drugs, and the difference in product mix among prescription drugs; (d) the level or the nature of R&D activities, and (e) the selection of transfer pricing methodology between the RPM and the TNMM. After reviewing the relevant issues and based on such discussions, this article emphasizes the importance of industry analysis and concludes with certain suggestions for a reasonable transfer pricing analysis for multinational pharmaceutical companies in Korea.