When developing a new drug, the path to FDA approval is a long and complex journey, often taking years. The process is designed to rigorously evaluate the safety and efficacy of drugs before they can be marketed to the public. Here’s why it takes the FDA a lot of time to approve drugs.
In an era where science and technology have advanced at an unprecedented rate, one would expect that the pharmaceutical industry, at the forefront of medical innovation, would be held in high regard. However, there has been a noticeable decline in consumer trust in the drug industry in recent years. This skepticism is not without reason, as various factors have contributed to this erosion of trust.
The global obesity epidemic has prompted significant interest and investment in developing and marketing obesity drugs. With millions worldwide struggling to manage their weight, it’s no surprise that pharmaceutical companies see this as a potentially lucrative market. However, the question arises: Is the market for obesity drugs overvalued? Several factors suggest caution is warranted when evaluating the prospects of obesity drugs.
Merck’s marketing of Keytruda was more strategic and their marketing more aggressive. The Global Drug sales of Opdivo stood at USD 9,566.59 Million in 2022, while Keytruda was over $20 billion. What happened?
There is evidence that blood thinners may be overly prescribed in some cases. A study published in the journal JAMA Internal Medicine in 2017 found that the rate of blood thinner prescriptions increased by 50% between 2000 and 2014. This increase was not seen in all age groups and was most pronounced in people over 65.
The cost of launching a new drug is high, averaging around $1 billion. That has to change. Pharma companies need to reduce the expenses of new drug launches to save money in an environment prohibiting expensive new drugs.
Pharmacy benefit managers (PBMs) and pharmaceutical companies have been locked in a battle over the cost of prescription drugs for years. PBMs, third-party companies that administer prescription drug benefits for health insurers, argue that they are working to reduce drug costs for patients. Pharmaceutical companies, conversely, say that PBMs are using their market power to extract excessive rebates from drugmakers, which are passed on to patients through higher prices.