SUMMARY: According to the NY Times “McKinsey offered advice to a drug company on how to increase opioid sales at a time when abuse of its pain medicine was widespread. Earlier this month, the State of Massachusetts released new documents from 2013 that detailed McKinsey’s recommendations on how Purdue Pharma could “turbocharge” sales of its widely abused opioid OxyContin. The state said McKinsey advised Purdue to sharply increase sales visits to targeted doctors and to consider mail orders as a way to bypass pharmacies that had been tightening oversight of opioid prescriptions.Continue reading
SUMMARY: The American healthcare system gives drug companies enormous powers to dictate prices through arguments that aren’t relevant anymore. In addition, pharma companies have become experts at playing the patent game to keep profits flowing from big-name drugs.Continue reading
KEY POINT: According to Facebook a lot of people join health groups on the social site to share experiences and ask questions. Facebook announced Tuesday that it wants to create a new type of community: health support groups in which people can even ask questions anonymously. Facebook is doing this to get more online digital dollars, but DTC marketers should be careful.Continue reading
IN SUMMARY: I have been critical of big pharma because they keep their loyalty to Wall Street instead of patients. When the really good people within the industry learn to take risks and be heard the industry might change.Continue reading
IN SUMMARY: Peccisism; a tendency to see the worst aspect of things or believe that the worst will happen; a lack of hope or confidence in the future. When it comes to pharma that pretty much describes me. In my 20+ years in healthcare marketing, I have seen a transformation from an industry focused on patients to an industry focused on profits.Continue reading
- Big Pharma is evading culpability for the crisis of rising prescription drug prices by point the finger at others, namely pharmacy benefit managers (PBMs).
- Many drugs receive no rebates at all, including 89 percent of Medicare Part D prescriptions. For new drugs, where the price tag can run into the hundreds of thousands a year, rebates are rarely offered because there is no direct competition in the space.
- Putting profits before people is what big Pharma does. Brand name drug makers have hiked the prices of their products at 10 times the rate of inflation over the last five years.
- Drugmakers historically have blamed higher prices on the costs of research and development but didn’t use
andof the $7 billion tax benefit to increase R&D.
- The United States currently spends more than $420 million per hour on healthcare, a number that is increasing by the minute and is expected to top $12 trillion in 2040, according to HealthCostCrisis.org
- The U.S. currently spends about twice as much as what other high-income nations do on healthcare — more than $3.6 trillion in 2018, according to the latest estimates from the Centers for Medicare & Medicaid Services.
- Despite the higher spending, the U.S. consistently ranks near the bottom on major health indices such as life expectancy and infant mortality.
- Health spending per person is growing 2X faster than household income driving more than 57 million Americans to cut back household spending to pay for healthcare or medicine.
- The focus on healthcare spending continues to be cost but very little is said about prevention.