KEY TAKEAWAY: From paying doctors with questionable backgrounds to raising prices 450% of life saving devices, pharma continues to conduct business as usual with little disregard for customers or public opinion.
Every media outlet, online as well as offline, has jumped on the Mylan story and it’s causing rage in social media forums. Then this morning another story about pharma and medical device companies paying doctors who have had “problems” in the past. Sigh….
Will this ever end?
I know that there are a lot of hard working good people within the pharma industry, but unfortunately their hard work is all but being erased by the greed of Wall Street who wants a fast return on investment.
What is so infuriating about Mylan is that their CEO total compensation went from $2,453,456 to $18,931,068, a 671 percent increase after raising the price of the EpiPen. Why? Because the stock price more than tripled, going from $13.29 in 2007 to a high of $47.59 in 2016.
Right now the feeling in pharma is “they need us more than we need them” but that thinking is going to cost them big time. Eventually, patients are going to vote their displeasure with their wallets. I have a choice in medications and frankly, I personally choose not to take products from questionable companies. That, I believe, is going to become more common.
It has to start with the CEO and a system that reward them with outrageous pay based on company profits at the expense of patients. The CEO of Mylan will not be fired, she will be rewarded for increasing the price of the EpiPen and increasing sales and profits while some patients are forced to go back to plain syringes. Stryker an Arthrex will continue to spend a lot of money making direct payments to doctors, even those with questionable backgrounds.
Healthcare in this country is seriously broken…