Milton Friedman wrote that “there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” One can argue that pharma companies have and have not adhered to this principle.
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SUMMARY: Make no mistake about it; change is coming to healthcare. What that change will entail and actually look like is anybody’s guess but pharma companies cannot continue to ignore the prevailing wind of change.
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SUMMARY: Faced with rising premiums, U.S. employers are sharing more of their costs with their workers, particularly through higher deductibles, copayments, and coinsurance. Recent research indicates that employer plan premium contributions and out-of-pocket costs, like those for prescription drugs, are eating up an increasing portion of household budgets
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SUMMARY: Pharma company influencers need to change the culture of pharma companies and take away the focus from Wall Street to patients.
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SUMMARY: Los Angeles Times…”The most perplexing aspect of our current debate over healthcare and health coverage is the notion that Americans love their health insurance companies. The truth is that private health insurers have contributed nothing of value to the American healthcare system. Instead, they have raised costs and created an entitled class of administrators and executives who are fighting for their livelihoods, using customers’ premium dollars to do so.” Ouch
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SUMMARY: According to eMarketer: The US healthcare and pharma industry will increase its digital ad spending by 20.1% to $3.62 billion in 2019. Uh..NO!
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SUMMARY: The Times said, “The drugmaker Novartis concealed manipulated data from the Food and Drug Administration while applying for approval of an extremely expensive gene therapy treatment and then delayed reporting the issue.” How could this happen in an industry that relies so much on meetings and data?
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