Category: Business of the drug industry

Your HCP marketing just became harder, a lot harder

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.
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Your <strong>HCP</strong> marketing just became harder, a lot harder

The perfect storm is coming for pharma

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.

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The perfect storm is coming for pharma

Pharma’s reputational high will be short-lived

SUMMARY: Via the Financial Times, “pharmaceutical companies have never had it so good. The rapid rollout of Covid-19 vaccines has made household names of Pfizer and AstraZeneca, and the whole industry is winning praise for co-operation”. However, the bump in reputation will be short-lived because companies need to earn the public’s trust every day, and pharma is already damaging their perception with people.

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Pharma’s reputational high will be short-lived

Pharma’s temporary reputation bump

SUMMARY: Pharma’s reputation got a bump the latest Harris Poll survey shows but behind the numbers is more of a reality. Overall, about 16% of Americans had a negative or more negative view of pharma in mid-May, which was again on par with April sentiment. The only reason given by a majority (53%) was the criticism that pharma is not making drug treatments more affordable during this time of crisis. That was followed by putting company interests before people during the crisis (45%) and not doing enough to protect vulnerable populations (43%). Forty percent attributed their negative feelings to the industry’s “poor” response to the crisis.

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Pharma’s temporary reputation bump