No industry refuses to bow to the prevailing headwinds of change more than big pharma. If you have a high level of empathy, there are better places to be. Yes, there are people alive today because of the drugs we develop, but too many people are also determining how they will manage when out-of-pocket copays delete their savings. We need change with the new blood of employees that care more about people than profits.
According to Vox, “most consumers in the United States know the names of a litany of pharmaceuticals they’ll never come into contact with or need, thanks to the commercials that fill our airwaves day in and day out. Drugmakers spend some $6 billion on direct-to-consumer advertising each year. The ultimate goal is for some people to visit the doctor and ask about them.” But the number of people is getting smaller.
Sales continue to soar for all the weight loss drugs in 2023. Earlier this month, Novo Nordisk told the CBS news program 60 Minutes that the company can finally supply all dose levels of Wegovy. Social media and celebrities drive demand for a drug whose side effects are not yet completely known and cost over $1000 a month.
The pandemic has led to a consistently high number of people looking for health information online. There are too many health news stories; however, they include the words “could” and “may.” These stories are based on preliminary studies that have a long journey to benefit patients.
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?
Digital marketing is losing its luster. Too much online ad fraud and too little ROI, and now social media seems to be sinking. TV is still the first place consumers learn about new products, but a research study found that 90% of consumers typically multitask while watching TV. There is a significant disconnect between what DTC marketers believe their TV spots do and actual results.
The 21st century brought us marketing technology. And with technology came the promise of science and an enormous appetite for data, measurement, and mathematics. Unfortunately, ad technology is corrupt and deficient. Consumers believe the adtech industry is dangerous, untrustworthy, and incompetent. They are right .
The list price of the therapy for A.L.S., Relyvrio, is $158,000 a year. To make matters worse, the drug was approved by the Food and Drug Administration even though the agency’s analysis concluded there was not yet sufficient evidence that the medication could help patients live longer or slow the rate at which they lose functions like muscle control, speaking or breathing without assistance.