KEY TAKEAWAY: Rethinking pharma productivity, an article by McKinsey consulting, is full of corporate consulting gibberish and is proof that they really don’t understand the business of our industry is helping people and helping employees help patients.
On CBS this morning the CEO of Mylan tried to explain the price increase of the Epipen and looked like a fool using “corporate PR” speak. The public is not this stupid and again, Ms Bresch clearly showed why pharma CEO’s are living with alternate facts.
KEY TAKEAWAY: Some pharma company CEO’s are living in a bubble and don’t understand why consumers are angry at the pharma industry. Despite the fact that some cancer patients, for example, are living longer US consumers are sick of paying more for healthcare and prescription drugs.
KEY TAKEAWAY: DTC marketing has to evolve and change if it’s to remain relevant to the pharma organization. Gone are the days of people seeing an ad and running to their doctor to ask for an Rx. Today it’s check and verify claims and the cost and make my life easier.
KEY TAKEAWAY: Pharma stocks lost over $24 billion in value after Mr Trump said drug prices are too high and the government needs to use a bidding system to determine the price of drugs. The sell off in pharma stocks was because Wall Street has finally realized the “gravy train” is coming to an end.
KEY IDEA: It’s become easier to simply purchase a rival drug maker than to pour money into R&D. However, pharma’s worst enemy is its own culture which stymies innovation and rewards sales people who put numbers ahead of patients.
KEY IDEA: Theordore Levitt, author of Marketing Myopia, has said “that there is no such thing as a growth industry. “The history of every dead and dying ‘growth’ industry shows a self-deceiving cycle of bountiful expansion and undetected decay”. But somehow pharma is addicted to growth that isn’t possible anymore.