QUICK READ: Pfizer is already positioning their Covid vaccine as a yearly maintenance shot. In other words, they want to milk this cash cow for every penny they can get out of the healthcare system. Make no mistake; the drug companies will make a lot of money from these vaccines while they continue to hide profits offshore.
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: 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.
IN SUMMARY: Pharma’s reputation is going to continue to slide with new acquisitions that have to be paid for with high drug prices and the continuing loss of good employees who are being forced out by a dated culture.
QUICK READ: Almost every pharma company is working on a treatment/vaccine for COVID-19 and some have even formed alliances with each other to speed development. If they develop new treatments for the virus will people once again hold pharma companies in high regards?
KEY TAKEAWAY: Surpising, was how STST news referred to the pharma reputation study that seemed to indicate that pharma’s reputation is intact. Those patients, and caregivers, who experience the damage of high drug prices know first hand how the costs of certain drugs can drive them into bankruptcy.