Joe Nocera writes in Bloomberg Businessweek this week that pharmaceutical companies could use a win by bringing to market a safe and effective Covid-19 vaccine. The industry could use some good PR. Nocera writes:
“Major pharmaceutical companies are viewed by many consumers as greedy and heartless, caring more about their stock price than the people who need their drugs. They take old drugs like insulin, which cost $21 per vial two decades ago, and run the price up to $321. They bring new drugs to market with price tags that can exceed $100,000. The relentless rise of drug prices — they rose 60% from 2007 to 2018, according to a University of Pittsburgh study — is top of mind when consumers characterize the pharmaceutical industry. Last fall, in Gallup’s annual poll asking people to rank 25 industries from best to worst, the pharmaceutical industry came in dead last. Even the federal government was ranked above the pharma business.”
There’s an opportunity for pharmaceutical companies to do the right thing and gain some good will. The question is will they? Read the full take below.