According to the latest research, more people trust pharma, but what do they charge? I’m sure they trust the drugs given to help them overcome health issues, but what about pharma’s marketing and corporate governance?
Category Archive: Business of the drug industry
The pharma model is deteriorating rapidly. The public demands lower drug prices, and insurers deny coverage for more new prescription drugs. To keep money flowing, acquisitions of smaller biotech companies have been increasing, but some biotechs are learning that developing a new drug requires a lot of capital. Why doesn’t pharma prepare for the future?
There are 3,025 Biotechnology businesses in the US as of 2023, an increase of 7.2% from 2022. From 2019 to 2021, venture capitalists plowed $35 billion into biotech companies with advanced platform technologies that could transform the industry. Should you join a small biotech company?
“(STAT News) Merck CEO Ken Frazier said” “Given the role of medicines in society and the ethics around medicine, my personal view is that pharma CEOs can’t’ take the attitude that they’re going to maximize financial outcomes.” Well said, sir.
The purpose of any business is to make money, but can a corporation satisfy Wall Street and benefit the public it serves? Big oil, for example, has prioritized profits resulting in high gas prices. Medical expenses often hinder patients long after they have left the hospital. Why do prescription drugs need to cost so much?
A new drug has been found to reduce memory decline among patients with early-stage Alzheimer’s in a “historic breakthrough” in treating the disease. Results have been reported by Eisai, a Tokyo-based pharmaceutical company that has partnered with U.S. biotech firm Biogen to develop lecanemab. The question is will HCPs trust Biogen?
Research has said pharma had increased its digital spending because of the pandemic. That may be right, but I would suggest that 50% of that spending is wasted because pharma doesn’t have the resources to measure its digital marketing adequately.
Access to HCPs has declined steadily, with about 49 percent of Physicians in the U.S. placing restrictions on visits from pharma sales reps. But according to Fierce Pharma, “more than 8 in 10 (83%) of HCPs say the content they’re getting from pharma companies is more relevant now than before COVID-19, and they likely have more time to read it. Three-quarters said they’d seen fewer patients over the past year, and 61% said they have more available time than they did pre-pandemic”. You can launch a drug digitally but..