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Best of Times, Worst of TimesLooking back on 2003, biotech industry insiders and the analysts who cover them would agree that the opening line from Charles Dickens' A Tale of Two Cities aptly describes the current biotech market: "It was the best of times, it was the worst of times."
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The New Era of Risk ManagementFDA has issued the industry a new charge-pay closer attention to risk management. Now that prescription drug user fees have helped the agency approve candidates more rapidly, FDA has returned to its basic mandate: assuring that marketed pharmaceuticals are safe. In the past, that meant clear labeling with adequate directions and warnings based on clinical trials. The agency now believes that product safety extends beyond warning labels and wants to ensure that prescriptions are used safely as well. As a result, it is asking the pharma industry to demonstrate products' safety before approval and to further control their use after
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Fighting the deadly sins of meeting etiquetteRoundtable discussions can be some of the most valuable opportunities for learning and team building.
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Customer access: Can we ever have dialogue?Physicians say they are now much more likely to limit their time and dialogue with sales representatives … except for a few individuals who take a different approach.
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Risks and Rewards for Pharma in Post-WTO ChinaNew markets are a pharmaceutical company's dream. And China, with a population of 1.3 billion-and new membership in the World Trade organization-could be the pharma industry's dream come true. The country's projected growth rate of 1.1 percent per year, which will increase its pharma market by at least $50 million annually, in addition to an increasingly prosperous population with a greater awareness of health-related issues, make the market extremely attractive. (See "People Power,")
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The Sampling SubsidyPhysicians give only 25 percent of samples to newly diagnosed patients, along with a prescription.
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Industry Audit & Companies of the YearThe Enron/Arthur Andersen debacle has been a painful warning that there is more to analyzing corporate performance than the smoke and mirrors that often pass for accounting and financial scrutiny. Indicators such as brand value, new product revenue, presence and percentage of business conducted in the US market, and sales growth provide more reliable criteria for companies' short and long-term prospects.
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Brent Saunders, Allergan: Why Ireland is Ideal for EMAAllergan's CEO Brent Saunders explains why the European Medicines Agency should choose Dublin as its headquarters after leaving London.
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Diversity in Action: Q&A With Reshma KewalramaniReshma Kewalramani, MD, FASN, chief executive officer and president of Vertex Pharmaceuticals talks about how she supports the efforts of DE&I within and outside her organization.
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Winning CombinationsIn an effort to diffuse the impact of generic competition, revitalize established brands, and enhance patient convenience for long-term drug therapy, pharma companies are offering an increasing number of combination drugs. These products can expand disease markets and increase patient compliance, while reducing consumer copayments, thereby benefiting pharma companies and patients.
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Clipping CouponsIn 1894, a druggist named Asa Candler created coupons for Coca-Cola, a new "healthcare" product with "valuable tonic and nerve stimulant properties." After that early start in medical products, coupons developed as a marketing medium and were widely adopted by the consumer packaged goods industry. According to the Promotion Marketing Association's Coupon Council, 336 billion coupons were distributed in 2002, which were redeemed for approximately $3 billion in consumer discounts. Now, more than a hundred years after their debut, consumers are clipping coupons for prescription pharmaceutical products.
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Surviving the Life Sciences Funding CliffRestructuring and ensuring the right talent is in place can help life sciences industry push through latest downward spiral.
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Pharm AidMore than one-third of the dollar value of all US healthcare assistance to the developing world is donated by pharmaceutical companies to humanitarian agencies. That is the finding of a 2003 survey conducted by the Center for Pharmaceutical Health Services Research at the Temple University School of Pharmacy and sponsored by the Partnership for Quality Medical Donations (PQMD), an alliance of nine drug companies and a dozen humanitarian agencies. (See "About PQMD.") The survey, conducted annually since PQMD's inception in 1999, helps members quantify the value of their donation efforts and assists groups who wish to benchmark their work against that of other organizations.
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Investors' UltimatumA new mentality is sweeping Wall Street, leaving many companies shell-shocked. The US equity market's worst performance since the crash of the late '80s has many looking for scapegoats. In response, institutional investors are focusing more intently on the underlying earnings power of each company in their portfolio. They are scrutinizing business models with an eye toward a company's ability to generate future cash flows.
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The New Era of Risk ManagementFDA has issued the industry a new charge-pay closer attention to risk management. Now that prescription drug user fees have helped the agency approve candidates more rapidly, FDA has returned to its basic mandate: assuring that marketed pharmaceuticals are safe. In the past, that meant clear labeling with adequate directions and warnings based on clinical trials. The agency now believes that product safety extends beyond warning labels and wants to ensure that prescriptions are used safely as well. As a result, it is asking the pharma industry to demonstrate products' safety before approval and to further control their use after
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How to find missing-in-action doctorsWhether you are a new or tenured pharmaceutical sales representative, missing-in-action doctors can put a cork in your flow of cash, bonuses and commission.
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A Five-Year Forecast: Clear Seas Ahead?During the next few years of economic and political turbulence, the pharmaceutical industry should cut through the waves like a sturdy ship, creating very little disturbance to its occupants. Some rough water- a prescription drug benefit and generic competition for blockbuster products-is expected, but the industry's ability to expand its markets in a steadily aging population will drive continued growth.
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Fear of opioidsWhy physicians are afraid to prescribe them and what you can do to set their minds at ease.
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Caught in the Crosshairs: Pharmaceutical Pricing and Sales & Marketing PracticesThe pharmaceutical industry stands in the crosshairs of federal and state law enforcement agencies. It is not being targeted by FDA for regulatory violations, as one would expect, but by many other government agencies
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Who Sees the Halo?Pharma execs and industry analysts say pharma's reputation has improved during the past year. The general public sees things differently. Research says a few select companies are to blame.
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Understanding physician stress (Part Two)Understanding physician stressors and the behavior that follows is one key to enhancing relationships.
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Custom Medicine for the MassesInvestor expectations, fueled by promises of genetic breakthroughs, are at an all-time high. Markets segmented by genetics-based diagnoses and rising demand for individualized care will soon make their mark on the industry's dominant blockbuster strategy. Rather than losing sleep over that, pharmaceutical executives can secure competitive advantage by capitalizing on the combination of consumers' rising power, increased access to information, and rejection of one-size-fits-all treatment regimens.
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The New Era of Risk ManagementFDA has issued the industry a new charge-pay closer attention to risk management. Now that prescription drug user fees have helped the agency approve candidates more rapidly, FDA has returned to its basic mandate: assuring that marketed pharmaceuticals are safe. In the past, that meant clear labeling with adequate directions and warnings based on clinical trials. The agency now believes that product safety extends beyond warning labels and wants to ensure that prescriptions are used safely as well. As a result, it is asking the pharma industry to demonstrate products' safety before approval and to further control their use after
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The power of enthusiasmNo one wants to hang around people who are sad all the time, or who have a chip on their shoulder.
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Toward the See-Through CorporationConsumer outrage at daily reports of new financial scandals creates a dangerous environment for corporate reputations, but pharma companies can turn the public's low opinion-and questions about rising drug prices-to their advantage if they work systematically to build long-term trust.
