- President Donald Trump in May said that drugmakers would soon announce “massive” price cuts but they aren’t in the loop.
- Bayer raised the price of two cancer drugs by hundreds of dollars in May and Novartis followed by boosting four pricey treatments in June. Pfizer, one of the largest U.S. pharma companies, announced increases on more than 41 products this week.
- A Wells Fargo report found 104 price increases in June and the first two days of July , with an average jump of 31.5 percent and a median increase of 9.4 percent. That followed 48 increases in May.
KEY TAKEAWAY: Mr Trump’s plan to curtail drug prices was long on slogans and short on substance. To understand who the winners were just follow the money via Wall Street.
KEY TAKEAWAY: The pharma industry’s top trade group on Tuesday launched a new series of ads as part of its drug pricing campaign aimed at blaming cost increases on insurers and pharmacy benefit managers. However, it’s trying to bail water from a sinking ship. Continue reading
As more and more pharma and biotech companies invest more money in digital marketing one has to wonder if they can attract digital talent in a regulated industry. Continue reading
From JAMA: “Although prices are often justified by the high cost of drug development, there is no evidence of an association between research and development costs and prices ; rather, prescription drugs are priced in the United States primarily on the basis of what the market will bear”. And I guess most pharma executives believe the market can bear a lot more. Continue reading
KEY IDEA: The objective of DTC marketing is, and will always be, to generate new Rx’s for the product. While the idea of bringing patients together in community and sharing information is a good one too many drug companies are not willing to take the risk(s). Continue reading