Overview

The pharmaceutical industry, long thought of as a recession-proof investment, now faces a day of reckoning. The reasons for this impending downfall are not hard to discern. The prices the industry charges for its prescription drugs have escalated at four to five times the cost-of-living increases during the past two decades and have reached a point where 30% of Americans must choose between filling a prescription, paying for housing, and buying food. This has brought about public pressure on governments around the world to control drug prices, yet the world’s twenty largest pharma companies realized 80% of their growth as a result of exorbitant price hikes. Pharma currently enjoys its extraordinary profitability by exploiting the world’s most vulnerable populations. Yet even their ability to increase prices in the face of falling demand does not satisfy their profit demands. The breadth and depth of pharma’s marketing transgressions exceed those of any other industry and have now reached a point where authorities around the world have found it necessary to take legal action against its violations. Drastic change is needed if the pharmaceutical industry can equitably advance the health of the world’s population and regain public esteem. This book illustrates the range and extent of pharma’s violations and addresses the actions that should be implemented in order to make the drug industry a more constructive, less venal part of contemporary society. It will be of interest to researchers, academics, practitioners, and students with an interest in the pharmaceutical industry, healthcare management, regulation, and bioethics.

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9780367485511

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Reviews

In this important book, Daniel Hoffman and Allan Bowditch connect the dots on the pharmaceutical industry's misdeeds, trace the public's awakening to these tactics, and chart various paths to reform - Michael A. Carrier, Distinguished Professor, Rutgers Law School The morals and ethics (of the industry) have deteriorated over the last two decades and nobody seems to care. The fact that the USA is responsible for 70 % of the operating margin for the pharmaceutical industry is reprehensible as it clearly affects the poor, the shrinking middle class and the average citizen. To have to decide whether to buy the needed drug and not pay the rent or buy food for the table is something that nobody should have to deal with in this or any of the other countries. It has become clear that the problem has become more egregious over the last 20 or more years. It appears that so far, the fines have not been large enough to dissuade the industry from changing their bad habits. Perhaps as (suggested in the book) we need to raise the ante even more and consider putting the CEO and COO in jail and further bar them from ever being employed by any pharmaceutical company in any capacity for life Dr. Dennis Rajtora, Specialist in Allergy & Immunology and Internal Medicine, Dubuque IA and Florida The book succinctly framed the history of the Pharma Biz, it's evolution and mutation to a DNA of greed. Step by step. Clearly most do not understand what drives the industry, or how it morphed from a mantra of create the cure to create profit. The documentation of the drivers of the industry plus the history of change defines why the DNA of pharma mutated to greed. The information in the book outlining the pathway to redemption offers some hope....especially in light of the current pandemic great minds must find a means to create public health and restore a better DNA in the industry. Dave Duncan, Financial Advisor, Daniels Trading The authors have clearly made their point that the pharmaceutical industry cannot and should not remain as is stands. This view is backed up with plenty of historical events and facts that they are taken on a cumulative basis, it frightens the reader about what big pharma has been doing in the past. But the authors offer many insights and possible directions for the future. Yoshiya Nishi, President & CEO, Intage Healthcare Tokyo, Japan An eye opening insight into the deceitful practices of the pharma industry. We can only hope that this book, by authors who actually know what's going on, will take us one step closer to real reform of an industry that is critical to our nation's success. Robert P. Iorizzo, Former Corporate Vice President and President of Northrop Grumman Electronic Systems

Author Information

Daniel Hoffman is the president of Pharmaceutical Business Research Associates (PBRA), USA. Allan Bowditch is the former CEO of Martin Hamblin Healthcare and a consultant to the pharmaceutical industry.

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