SUMMARY: John F. Kennedy said, “Change is the law of life, and those who look only to the past and present are certain to miss the future”. Change is coming for one simple reason; our country can’t sustain the current costs of healthcare. Today’s pharma CEOs should prepare their organizations for the future, not wasting money with lobbying costs.
Category Archive: Business of the drug industry
SUMMARY: Over half of all clinical trial sites are outside the U.S. 78 % of all subjects were enrolled outside the U.S. 87 % of all subjects in recent biologics trials were enrolled outside the U.S.. DTC may or may not work for clinical trial enrollment it really depends on the condition and risk as judged by the patient.
SUMMARY:
- The FDA has many puzzled as to why they approve some drugs with questionable data and ask for more data on other drugs.
- The FDA approves drugs on the potential to save a life, the cost of the drugs is never considered in the process.
- The FDA has been under criticism, but an internal investigation will focus on approval processes, not “why” a drug was approved.
- Our healthcare system cannot continue to support marginally effective drugs. We need to learn to say NO.
- Drug companies know how to play the system.
SUMMARY:
- Pfizer asks for accelerated approval for a COVID booster shot even though the FDA says it’s unnecessary.
- From 2016 to 2020, the 14 leading drug companies spent $577 billion on stock buybacks and dividends—$56 billion more than they spent on R&D over the same period.”
- From 2016 to 2020, compensation for the 14 companies’ top executives totaled $3.2 billion.
- The drug industry is driven by profits, not by patient’s needs.
Key Points:
- Trust in the CDC and FDA has decreased dramatically during the COVID-19 pandemic among health care professionals, according to a new WebMD/Medscape poll.
- Out of nearly 450 U.S. doctors surveyed in the same time period, 77% said their trust in the CDC has decreased and 48% said their trust in the FDA has decreased.
- Health care professionals have been critical of these agencies’ decisions during the pandemic, with some concerned that their work has been politicized and now with advisory panel members resigning as a result of the terrible decision to approve Biogen’s drug you can bet that HCPs are going o want to see a lot more clinical data.
SUMMARY: One area where Republicans and Democrats agree is that drug pricing is out of control. Retail price increases for widely used brand name prescription drugs consistently exceeded the rate of general inflation between 2006 and 2020. In 2020, retail prices for 260 brand-name prescription drugs widely used by older adults increased by an average of 2.9 percent. In contrast, the general inflation rate was 1.3 percent over the same period. The US Federal Trade Commission is taking a more aggressive antitrust approach as eight US antitrust bills targeting the pharmaceutical industry have been recently introduced.
QUICK READ: According to Setup 30% of Brand marketers say they’re likely/somewhat likely to switch Agencies in the next 6 months. While the consolidation of agencies may be a priority for some pharma companies a good digital agency can add a lot of value. There is a lot of downside to letting your main ad agency do your digital work.
SUMMARY: The FDA wants to look at how certain brand names affect consumer and health care providers’ perceptions about the efficacy and the medical conditions for which they’re indicated. This is just another example of how clueless the FDA is regarding patient behavior and prescription drugs.