- 41 of Pfizer’s drugs have been picked for a price hike on January 15, averaging 5%.
- Pfizer noted Friday that the increases will be offset by higher rebates and discounts offered to insurance companies and pharmacy benefit managers.
- Pfizer had the highest profit total ($4.1 billion) of any publicly traded health care company in the third quarter.
- 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.
- 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