KEY POINTS: According to the West Health Policy Center large pharmaceutical manufacturers could endure significant revenue reductions, including the reductions considered in recent legislative proposals, while maintaining current research investments and still achieve the highest returns of any market sector.
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SUMMARY: Over the next ten years Americans are expected to spend $52trn on health care. Under a generous single-payer system, spending would increase by $7trn, according to a recent study by the Urban Institute. According to the Kaiser Family Foundation, a health-policy think-tank, 51% of Americans support Medicare for All while 47% oppose it. But when various objections to the program are made—such as the elimination of private health insurance, and the possibility of increased taxes and queues for treatment—support drops to below 40%. The more we know the less we like it.
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IN SUMMARY: Google now has access to detailed medical records on tens of millions of Americans and popular health websites are sharing people’s sensitive data — including medical symptoms, diagnoses, drug names and menstrual and fertility information — with dozens of companies around the world. This is very concerning but it’s unlikely to affect online health seekers.
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WHAT? Even without the debate on drug prices, some pharma companies are headed towards extinction. Bureaucratic processes, designed to protect jobs and establish territories, and a failure to change the work environment is going to take its toll. Bigger is not better.
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KEY IDEA: Millennials are on track to see their health decline and healthcare costs skyrocket over the next 10 years. Creating enduring change in physical activity is hard but employers need to get involved in employee wellness if they are to reduce costs to both the company and employees.
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WHAT”S ALL THIS THEN?: For every 100 reps that visit a physician’s office, only 20 speak in person with a physician. Non-personal promotion (NPP) can be a more effective method of engaging physicians than salespeople. NPP adds value to physicians but pharma HCP people need to do a good job understanding the changing needs of doctors today.
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SUMMARY: Medicine is part science, part detective and part experience but it’s a mistake to think that all health problems can be remedied by a visit to the doctor and by taking a prescription medication. AI can be a great tool for HCP’s but it’s not the answer to all of our health issues.
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