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.
SUMMARY: The pharma industry is responsible for its low ratings. The industry has done nothing to acknowledge that they are listening to the concerns of the public and continues to focus on one thing: profits.
- 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.