Six months into an administration’s promise to curb drug prices, the cost of drug development remains high. As companies scramble to reduce costs, they are moving manufacturing overseas, enticed by lucrative savings. The question remains: are drug companies really saving money or are reduced costs in production aligned with quality, timeline and regulation issues?
Over the past decade, there has been a huge shift in the way that businesses and consumers use social media. Society is undergoing rapid and dramatic change, fueled by an exponential rate of technological innovation. This has an enormous impact on the pharmaceutical industry which is in a unique position to reap the benefits of increased sales, revenue and power by augmenting their technological capital. One of the most effective methods to leverage this change is using social media, which leads us to the question:
Can social media be a game changer for pharma?
Pharmaceutical companies are one of the major beneficiaries of emerging technologies. From innovative ideas for developing new drugs to customer engagement, drug manufacturers are increasingly resorting to cutting edge digital technology to streamline business and improve efficiency. Nowhere in pharma is the boom in technology more beneficial than in data management, an area where many drug companies struggle to organize and manage massive quantities of information.
As the regulatory landscape increases in complexity, the demand for improved
data management and analytics will increase as well. With all the new challenges that these trends create, digital data management is an innovation that pharma companies should have in their toolbox.
Below are the top five reasons that your current data management system is failing your company:
Topics: Data Management
Of course, if you can get the same medication for less, that is better, but what if switching to a newer more expensive drug actually saved money? Recently I had the pleasure of moderating a panel at the Outsourced Pharma conference in Boston that was focused on cost and price pressures in the pharma industry. Based on the nodding heads in the audience, I think it is fair to say that our industry has an image problem. While I cannot and will not try to defend some of the more recent high-profile cases that have garnered media attention, there is certainly a case to be made that not all pricing is gouging patients.
Last week the Chicago Tribune highlighted a Blue Cross Report that squarely blames pharma companies for high drug prices. According to the report, member plans spent 73 percent more on prescription drugs in 2016 than in 2010, attributed to "large year-over-year price increases" for new drugs that are protected from competition by patents. in addition, the report highlighted the increase in consumer spending on drugs noting that consumers have been paying 3 percent more a year, out-of-pocket, for all prescription drugs but 18 percent more a year for patented drugs."
Recently, in a forum setting, a panel discussion touched upon cost versus price and how best to address the potentially touchy issues of cost versus pricing. With recent consumer outrage over drug pricing and demands for cost controls, this is a hot button issue for both drug companies and the people they serve.
A great deal of attention has been placed on the price of drugs; some have even called price increases gouging, but to paraphrase a panel commentator – ‘Beats’ headphones have margins on their products much hihger than pharma and nobody seems to care about that." Although this is a true statement, to be fair, nobody's grandma has ever died without their "Beats." Perhaps there is a way to let grandma have her Beats AND her heart medication. With that statement in mind let’s explore the top three ways to optimize both cost and pricing: choosing the right CMO, maximizing communication, reducing errors and celebrating innovation.
Topics: Data Management
Value-based healthcare models have upended traditional patient care, becoming the wave of the future. How can pharma effectively ride this wave?
The pharmaceutical industry is facing rapid and comprehensive change, spearheaded by a new trend in consumerism, a move towards a value-based economy. This move puts the patients firmly in the driver's seat and presents increased opportunities and challenges, requiring drug companies to work more closely with patients than ever before. According to a recent report by PwC Health Research Institute, pharma’s new strategic partner may very well be patients.
A very close and trustworthy colleague in the industry has stated that the magic of the lab is the absolute random, disarray of work that leads to producing the best drugs. The way that different pharma companies operate during the drug development process and the way they collect, analyze and distribute the data is unique to that company.
Result: The successful drugs we have today.
On the other hand, industry pressure, government regulations and financial responsibilities have pharma looking inward to see how changes in the drug development and manufacturing process can be streamlined and efficient. A common answer to the problem of efficiency is standardization. There are multiple benefits of standardized data: better communication, savings of time and resources, ease of comparison and enhances collaboration between scientists and outside partners. According to Nicola Tambascia of Clinipace, more regulatory agencies worldwide are beginning to require standardized data as part of the submission process.
Topics: Data Management
There are only two countries in the world that allow for the marketing of pharmaceutical products directly to potential patients, the United States and New Zealand. One must wonder
In 2015 US pharmaceutical companies spent 5.2 billion dollars on direct to consumer (DTC) marketing. Proponents of DTC contend that the ads inform patients about diseases and possible treatments and encourage people to seek medical advice. Opponents contend that ads misinform patients, promote drugs before long-term safety profiles can be known and stigmatize normal conditions like wrinkles and low testosterone.
Topics: Pharma and Politics
"Scientists spend greater than 50 percent of their time searching for data that already exists."
Does your data have a purpose? If not, you may be missing an opportunity--or worse, wasting your time collecting random bits of information. Here are the top five tips to ensure that your data is working for you.
Integrity is a key component of putting your data to good use. Technology has improved exponentially over the years to allow for document organization, data
Topics: Data Management
The pharmaceutical and medical industries are in the business of saving lives. As a scientist, there is little to compare to the satisfaction of knowing that you have contributed to advancement in the treatment of an illness affecting millions of people. I imagine that physicians feel much the same way, and take great pride in their work when they have a positive impact on their patients. There is no doubt that the correct diagnosis and effective treatment are essential to a patient's survival and quality of life, and pharmaceutical companies and doctors work hand in hand in this regard.
A large percentage of illness is directly caused by the choices of the patients themselves. Statistics from the Center for Disease Control (CDC) support the idea that patient behavior is the single largest contributor to health. According to the CDC, up to 40% of annual deaths from each of five leading U.S. causes are due to “modifiable risk factors.” In addition, patients often do not understand or follow their doctor’s recommendations: after leaving an appointment, 50% of patients do not know how to follow the instructions of their healthcare provider. In case this seems like a problem with a new diagnosis, people with chronic conditions only take 50% of prescribed doses of medication.