Health care is still eating the economy

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The voice of big pharma employees

  • 2018. For half a century, corporate America has been ruled by the gospel of shareholder capitalism, as proclaimed by Milton Friedman.
  • While most senior pharma company executives focus on the profits, many of the rank and file really want to help patients but are overruled because of ROI.
  • Pharma companies are not a good place to work.  Open offices and small raises often lead to a stressful work environment.

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AbbVie is a great example of why the government is attacking pharma

  • A Humira prescription costs $38,000 a year.  In 2012, the drug cost about $19,000 a year.
  • An analysis released last month by my organization, the Initiative for Medicines, Access & Knowledge, shows that there have been an astonishing 247 patents filed on Humira.
  • There are an average of 125 patent applications filed and 71 patents granted for each of the 12 highest-grossing drugs in America.
  • 247 patent applications have been filed on Humira in the U.S. with the aim of delaying competition for 39 years.
  • In 2016 the $3.3 billion spent on the drug by Medicare and Medicaid accounted for 31 cents of every dollar spent on Humira in the U.S.

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This administration doesn’t understand the US healthcare market

  • American consumers regularly pay two to six times more for the same drugs as people abroad, but the United States spends some of the lowest amounts of its total healthcare on prescription drugs relative to other developed nations.
  • By law, Medicare cannot engage in pharmaceutical negotiations for prices.
  • PhRMA cites that on average, it takes more than 10 years and $2.6 billion dollars to bring a drug to market but these costs may be overstated.
  • This administration doesn’t understand how our healthcare system really works.

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Physicians struggle to find relevant content on pharma sites

  • Over half of U.S. HCPs agree.. “I do not have time to manage all of the data I receive from my patients and outside resources”.
  • They spend 3+ hours each day with EHR and other digital sources (4.6 in the US)
  • 88% have used, or are interested in using, an ad blocking feature on their smartphones.
  • When thinking about pharma, physicians don’t think “Trust”.
  • 62% of U.S. physicians agree “Pharma websites are primarily product advertisements”

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Pharma has a huge problem beyond revenues

  • According to the Conference Board worldwide, only 13 percent of workers feel “engaged”—meaning enthusiastic at work and committed to their companies—according to Gallup, which has tracked this since 2000.
  • Employees are merely the fuel that generates sales growth.
  • If you’re living in fear of losing your job, then all of your decisions and actions are geared to preserving your job rather than taking risks.

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Above all pharma companies are a business

  • Pharma companies don’t really care about patients despite all their hubris.
  • PhRMA has already spent $21 million on lobbying this year — a sum that puts it on course to smash its previous annual lobbying records.
  • Pharmaceutical companies have been top performers in the healthcare sector in an era of aging populations, rising health care costs, and the ongoing development of new and extremely profitable medicines.
  • Research shows that 78 percent of patents approved by the U.S. Food and Drug Administration correspond to medications already on the market.
  • Large pharma companies spend more on share buybacks to boost share prices (and stock options — the main way that executives get paid) than on research and development.

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