Multi-national drug companies are presenting a united front ahead of their appearance at the Senate's corporate tax avoidance inquiry, insisting they are honest, ethical and pay their fair share of tax.

Nine pharmaceutical companies, which between them receive billions of dollars in taxpayer-subsidised sales via the Pharmaceutical Benefits Scheme, will come under the microscope after Australian Tax Commissioner Chris Jordan said some drug-makers had attempted to "back profits out" of Australia through a combination of transfer pricing and royalty payments to their subsidiaries in other countries.

For more details, go to: http://www.smh.com.au/federal-politics/political-news/drug-companies-give-their-tax-affairs-a-clean-bill-of-health-ahead-of-senate-grilling-20150629-gi0ns3.html