POST SUMMARY: If you want to understand why so many people are turning away from traditional journalists as news sources look no further than an article in VOX entitled “This drug costs $84,000, And there’s nothing the US health-care system can do to stop it.” It’s time to look beyond the cost and instead look at the value of these medications.
The 2.3% medical device tax imposed by the Affordable Care Act in 2010 was one of a number of additional revenue-raising provisions to finance health reform. This tax, which took effect on January 2013, is projected to collect approximately $38 billion of excise tax revenues over the next 10 years, resulting in $29 billion of net revenues, after accounting for offsets from other taxes.
I don’t think I have seen any industry that is in more dire need of change than pharma. Report after report continues to point out how pharma is lagging in one area or another and yet year after year, conference after conference, pharma remains stuck in the past as DTC marketing spirals towards irrelevance.
POST SUMMARY: According to McKinsey&Company “unlike successful B2C companies in other industries— which offer mobile solutions, provide personalized product recommendations, and empower customer-service agents with a 360-degree view of the customer—most healthcare providers and payors are lagging, as are pharmaceutical companies and medical-device manufacturers.” How much monger does pharma need to get the wake-up call?