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.
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.
SUMMARY: Big pharma is a big business, and nothing motivates big companies more than the potential to earn a lot of money on new products. Pfizer, alone, is estimated to earn about $15 billion for their vaccine, and they had absolutely nothing to do with Operation Warp Speed.
SUMMARY: Trust is earned every day. Today, because of the Internet, a lot of attention is placed on day-to-day activities. Pharma has to undress, and that trust is an ongoing process, and leaders cannot rest on the work they have completed, like developing vaccines. More support and improvement of processes are needed.
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.