Engaging Patients, Engaging the Public | Pharmaceutical Executive

Has the emphasis on pricing been too prominent in the reputation debate?
The whole pricing debate does detract from what the industry is really about, which is bringing good health and longevity to people through innovation. Healthcare costs are multifactorial; aging populations, infrastructure costs and increasing wage bills all contribute to increasing societal costs.  The industry needs to better articulate to the broader society that drug costs do not form the majority of healthcare costs. What I ask of my team is how we can partner with healthcare services in the future and have more collaborative relationships; we need to figure our way out of the maze of increasing costs, the increasing number of elderly people, and improve access for all to the incredible technologies that are coming through.

A recent challenge in the US has been that one or two outlier companies have raised the price of off-patent medicines by a huge margin, leading to a mistaken perception by some that this is standard industry practice.  At Janssen we have issued a transparency report on how we construct our pricing and what pricing increase levels we implement on an annual basis. By doing that, we and other big companies are being transparent about the way we approach pricing, and it illustrates that we are taking a responsible view of it. We cannot let the industry’s reputation be tainted by a very small minority of outlier companies.

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Engaging Patients, Engaging the Public | Pharmaceutical Executive.