- It’s estimated that less than 5% of consumers ask their doctor about/for a drug product after seeing a TV commercial.
- People who are interested in new advertised drugs usually go online to “get more information”.
- Pharma websites are becoming a less important part of the decision making.
- Switching money to online ads is not going to help.
The total costs in the U.S. for direct health care treatment for chronic health conditions totaled $1.1 trillion in 2016—equivalent to 5.8 percent of the U.S. gross domestic product (GDP).
Chronic diseases also lead to indirect costs—defined as lost income and reduced economic productivity—for the individuals suffering from the conditions, their family caregivers, and the overall economy.
In 2016, diseases caused by obesity and being overweight accounted for 47.1 percent of the total cost of chronic diseases in the U.S.— responsible for $480.7 billion in direct health care costs, plus $1.24 trillion in indirect costs related to lost economic productivity.
- Despite the emphasis on prescription drug costs they still only account for $. 11 of every health care dollar spent.
- Even if ALL prescription drugs were free our health care costs will still be growing rapidly.
- DTC advertising does not lead to patients asking for and getting “unnecessary drugs”.
- Physicians are just as responsible for the opiod crisis.
I have been asked to recommend what guidance the FDA should provide to pharma companies for social media. Here are my recommendations.. Continue reading
- The IMS Institute for Healthcare Informatics states that “the strategies that pharmaceutical companies use to engage with social media could be categorized as low-risk and less innovative than those employed in other industries.”
- The pharmaceutical industry has been slow to embrace social media.
- One reason is the lack of guidance from health regulators about using social media. In the US, for example.
- Users of social media now expect to be able to have a conversation with pharmaceutical companies when they face uncertainties.
- Physicians do spend time online, but their number one site is still Medscape.
- They don’t have the time to connect with patients with social media and don’t see the value.
- Drug company studies are a good source of information, but they want to “know more”.
- Patients are “rarely’ coming to them asking for advertised drugs.
- Axios reported that top pharmaceutical companies have announced significant so called ‘buybacks,’ which benefit shareholders by driving up the value of their stock.
- Contributions to Republican Party have yielded a great ROI for pharma.
- This suggests that pharmaceutical companies have used these tax breaks to enrich investors, a decision that comes at the expense of lowering the price of prescription drugs, investing in research and development that could lead to new cures, or passing along savings to consumers.”