Change is going to be forced on big pharma

  • Republicans have indicated that they are willing to work with democrats on drug pricing initiatives.
  • Drug companies are focusing lobbying efforts to use a possible lame-duck session of Congress to peel back a legislative loss they suffered earlier this year.
  • Pharma is making a lobbying push to roll back seniors’ drug discounts at a time when they are reporting near record profits.
  • So far in 2018, PhRMA spent more than $20 million, according to the Center for Responsive Politics, and was the third-largest spender.

About 25 percent of adults in a recent poll said that they or a family member have avoided seeking medical attention because of the cost, according to a survey of 1,002 adults that Bankrate, a personal finance website, conducted in May.  At the same time, at least 28 million Americans have experienced a spike in the cost of their prescription medications in the past 12 months. And for 4 million of them, the price was so high they walked away without their prescription altogether, according to a new Consumer Reports survey.

What pharma doing to make prescription medications more affordable? [inlinetweet prefix=”” tweeter=”” suffix=””]The CEO of Pfizer said that “It’s business as usual” and PhRMA is fighting to increase drug costs for seniors. This is more than a failure to communicate it’s a defiant stand against a public that wants a change to drug prices.[/inlinetweet]

If you’re dumb enough to believe that things within the pharma industry are not going to change there is a bridge I would like to sell you.   [inlinetweet prefix=”” tweeter=”” suffix=””]Since pharma can’t anticipate change and get its house in order it looks like Congress is ready to work together an act. [/inlinetweet]

There are some CEO’s who see the writing on the wall, but there are too many who still believe that Wall Street is their primary customer.  PhRMA has proven once again that the information they promote on social media is nothing but propaganda and patients are still angry that any raise they are getting is getting eaten by rising drug prices and insurance costs.

Change is coming.  It means more layoffs and budget cuts because above all investors need to make money.