When it comes to DTC TV ads, most DTC marketers are clueless and just plain stupid, as illustrated by two products defying the proven research of reach & frequency. When I see ads run so much, I know their scripts; someone should be held accountable for wasting so much money.
PhRMA is lying to protect its profits, and the lies have reached a new height as the Senate moved to adopt modest drug pricing negotiation measures in the Inflation Reduction Act. The bill “could propel us light-years back into the dark ages of biomedical research,” Dr. Michelle McMurry-Heath, president of the Biotechnology Innovation Organization, said last month. This is, of course, pure bullshit.
According to a STAT analysis of hundreds of financial filings, the CEOs of approximately 300 health care companies collectively took home more than $4.5 billion in 2021. Regeneron Pharmaceuticals CEO Leonard Schleifer represented 10% of that total on his own, pulling in an astounding $453 million. Sometimes there are no words.
In 2020, over 75% of AbbVie’s’ sales were made to American consumers, yet only 1% of AbbVie’s’ income was reported in the United States for tax purposes. AbbVie’s’ ability to exploit subsidiaries in offshore tax havens to avoid paying billions of dollars in taxes on U.S. prescription drug sales signals that big pharma will do anything to avoid hurting profits.
Endpoint News reported “Three major drug distributors are off the hook for what may have been a $2.5 billion payment after a federal judge found them not liable for the opioid epidemic in parts of West Virginia, one of the hardest-hit areas of the country. This is beyond outrageous it’s a classic example of abuse of power.
Biogen announced that CEO Michel Vounatsos is being replaced as the big biotech undergoes a restructuring of the pipeline. It’s long overdue but kind of like putting smoke detectors in a house that has burnt down.
The pharma industry’s reputation continues to slip from a pandemic halo-high of 62% in February 2021 to now when fewer than half, just 47%, of people have a favorable view of the industry, according to the Harris Poll’s latest survey. (Source: Endpoints News) Does anyone believe that pharma cares?
AbbVie’s wall of patents protecting its top-selling drug Humira will keep another would-be competitor from entering the U.S. market until next year, with the pharmaceutical company announcing Tuesday a settlement with the Iceland-based Alvotech. Sales of Humira earned AbbVie $20.7 billion last year, the highest total for any pharmaceutical product and they will do anything to keep that money.