Social Media: Pharma's Continuing Web 2.0 Inertia

I came across a recent post on Adage.com entitled “Pharma Drops Search Advertising After FDA Warning” that revealed that paid search ads by pharmaceutical companies dropped a 84% between March 26 of this year and the end of June. As you may recall, March 26 was when 14 companies received warning letters from the US Food and Drug Administration (FDA) indicating that they had violated marketing guidelines for search ad advertising. The letters stated that sponsored-link advertisements for specific drugs were misleading due to the exclusion of risk information associated with the use of the drug -- even though the regulatory agency's guidelines are for print and broadcast, not online or social media. Pharma companies that believed they were in compliance with the unwritten "one-click rule"— taking the consumer from the ad to a site that offered fair balance and the risk information by clicking on the ad. What? Did I read that correctly; the words “unwritten and FDA” in the same sentence? This is very surprising since anybody who has worked with the agency is well aware of the “if it isn’t written it didn’t happen” principle. But I digress....

The post went on to say that pharmaceutical companies are “fearful of running afoul” of the agency again. Say what? The words “pharma and fearful” used in the same sentence? The point that I am trying to make is that pharma chose to keep things vague about web-based advertising to see how far they can push the envelope with FDA instead of taking the proverbial “bull by the horns” and directly asking FDA for guidance on web 2.0 technologies and their uses. Wouldn’t it be in everyone’s best interest if companies took a more active role to help craft new rules on the use of new media technologies rather then rely on and wait for FDA to do it for them? While the old “cat and mouse” game worked for old media, it is no longer tenable when it comes to Web 2.0 and related technologies.

The FDA is holding public hearings next month to begin the process of establishing internet advertising guidelines and the use of social media in the life science industry. This offers drug and devices companies an opportunity to show FDA that they no longer want to be part of the problem but part of the solution.  I have always subscribed to the notion that “you don’t get if you don’t ask!”

Until next time...

Good Luck and Good Surfing (on the Internet that is)

 

blog comments powered by Disqus

 

VCs Bullish on Biotech

Despite dire predictions, the biotechnology industry appears to be weathering the recession better than most. According to a CNN Money.com post “Biotechnology leapt ahead as the biggest recipient of U.S. venture capital money in the second quarter, but first-time venture investments in companies overall dropped to a 15-year low.”

Biotechnology funding grew 54% to $888 million in 85 deals, software came in flat at $644 million in 135 deals and Internet companies fell 15% to $524 million in 124 deals. While biotechnology company investments are leading the pack, the current funding levels pale in comparison to those of the late 1990s and early 2000s. Also, it is important to note that many of the biotechnology company investments were in mid to late stage ventures. Fewer investments were made in seed or early stage companies which historically have outpaced funding in late stage ones.

Venture capitalists may be favoring biotechnology investments because there is a clear exit strategy—there are more acquisitions and initial public offerings in life sciences as compared with other industries.

Look for continuing investments in the biotechnology sector—especially in molecular diagnostics and medical devices.

Until next time...

Good Luck and Good Job Hunting!!!!!!

 SocialTwist Tell-a-Friend

NYC BioBuzz: Social Media and Healthcare Meeting on July 23, 2009

BioJobBlog and BioCrowd along with the Business Development Institute, the Journal of Communication in Healthcare and others are co-sponsoring a meeting entitled “Social Media and Healthcare” that will be held on July 23, 2009 in NYC at the Graduate Center of The City University of NY (365 Fifth Avenue at 34th Street). Topics that will be covered include:  

  1. Managing regulatory and legal issues when planning and implementing social media strategies
  2. Is there a role for social media in President Obama’s healthcare reform plans?
  3. Why real-time social media tools like Twitter are gaining momentum and when it makes sense to use them
  4. How social media has affected crisis communications in the healthcare industry
  5. Selling social communications projects and proving ROI to senior management
  6. Creating and participating in communities to achieve communication, educational and branding objectives
  7. Planning and executing a social communications plan with little or no budget
  8. Building relationships and partnerships with new healthcare media leaders beyond advertising
  9. Best practices for using social communications to connect internally with employees and stakeholders
  10. Tools, technologies, and best practices for monitoring and measuring social communications

The meeting’s agenda features case study presentations and a series of roundtable discussions on social media topics. I will be leading a roundtable discussion called “How to Build a Social Networking Site for Bioscientists.” Approximately 300 senior marketing, communications and media professionals from Fortune 1000, middle market and emerging growth companies are expected to attend from leading pharmaceuticals, medical technology/device companies, managed care providers, hospitals, healthcare media companies, government and nonprofit organizations.  

BioCrowd members can register for the meeting at a discounted rate of $155. Check it out—it will be money well spent!

Hat tip to Steve Etzler at the BDI and Mario R. Nacinovich Jr., Editor-in-Chief, Journal of Communication in Healthcare for organizing this topical and important meeting.

I hope to see you at the meeting next Thursday!!!!

 

SocialTwist Tell-a-Friend

 

Life Sciences Layoffs Beginning to Spill Over To Medical Devices Companies

Medtronics, the world's largest medical-device company, announced today that it will lay off 1,500-1,800 employees after posting a fiscal fourth-quarter profit that plunged 69 percent on slipping sales,restructuring and other charges. About 400 employees already have accepted buyout offers and will leave the company by the end of the month.

Until now, the medical devices and diagnostic industries, unlike pharma and biotech had had remained unscathed by the current economic downturn. Medtronic’s financial woes are mainly a result of questions about its implantable devices which have come under fire recently because of safety concerns. Nevertheless, don’t be surprised if you see other medical devices and diagnostic companies begin to layoff workers as the financial crisis deepens and medical and healthcare costs continue to rise.

Hat tip to Iguana Bio.

Until next time...

Good Luck and Good Job Hunting!!!!!!!

 SocialTwist Tell-a-Friend

Job Market For Bioscientists May Be Better Than Expected

The US economy has lost about 7.1 million jobs since December 2007 and nationwide unemployment is hovering around 8.5 percent. Despite the lost of  about 80,000 pharmaceutical jobs over the past three years and unprecedented consolidation taking place in the life sciences sector—Merck-Schering Plough, Pfizer-Wyeth and Roche-Genentech—the job prospects for scientists at biotech companies, medical devices and diagnostics, and government appear to be stronger than anticipated. While drug discovery and sales jobs may be scare, there are rapidly emerging opportunities in the fields of medical communications, regulatory affairs, biomanufacturing, clinical trials management , bioengineering, medical devices/diagnostics and website development and management.

President Obama’s promise to restore science to its rightful place, his reversal of the ban on federal funding for embryonic stem cell research and an unwavering commitment to alternate energy technologies suggest that the future may be very bright for bioscientists. For example, there are massive hiring initiatives at federal agencies like the US Food and Drug Administration (FDA) and the Unites States Department of Agriculture (UDSA) — as the Obama administration attempts to overall these agencies— and funding levels at the National Institutes of Health are on the rise (aided in part by a $200 million Challenge Grant stimulus program).

While the road to economic recovery may be a long one, graduate students and postdoctoral fellows who are currently engaged in life sciences research should “stay the course and not jump ship just yet.” The life sciences industry is more recession proof than others and it will be one of the first to experience an economic turn around. And, when it does it is best to prepared to find a job!

Until next time…


Good Luck and Good Job Hunting!!!!!!

SocialTwist Tell-a-Friend

 

Eye on FDA Talks with FDA's Division for Drug Marketing, Advertising and Communications (DDMAC) about Pharma, Social Media and Web 2.0

As many of you know, the life sciences industry, one of the most highly regulated industries of the economy has been hesitant and reluctant to embrace social media to reach out to patients, physicians and the lay public. This is because the US Food and Drug Administration, specifically Division for Drug Marketing, Advertising and Communications (DDMAC), has been mute on the subject and hasn’t issue one iota of guidance on the use of social media in the pharmaceutical, biotechnology or medical devices/diagnostic industries.

Mark Senak, a regulatory affairs lawyer and owner of the blog eyeonfda.com, invited Dr. Jean Ah Kang, Special Assistant at DDMAC in charge of Web 2.0 policy development to talk about FDA’s views and ideas about social media and its use in the life sciences industry. Listening to the 15 min podcast would be, according to Mark, “time well spent” for social media advocates in the pharmaceutical, biotechnology and medical devices/diagnostics sectors.

Hat tip and much “love” to Mark who wrote “BTW, I absolutely expect waves of love for this (the podcast)."

Until next time....

Good Luck and Good Listening!!!!!!!!!! 

SocialTwist Tell-a-Friend

BioCrowd-Beta Is Ready For Launch

I want to let my readers know that a beta-version of BioCrowd is ready for review. For those of you who may not know about BioCrowd, it is a social network for life sciences students and professionals that was created by Vincent Racaniello a Professor at Columbia University College of Physicians and Surgeons and me. 

The reason we started BioCrowd was that Vincent and I both perceived a need for undergraduate and graduate students and postdoctoral fellows to more effectively network with established scientists and life sciences professionals to further advance their careers or find jobs. The social interactivity of Facebook and the business connectivity of LinkedIn are what led to the creation of BioCrowd.

We are looking for a few brave women and men who want to help to beta-test BioCrowd before we launch.  If you are interested, please visit us at www.biocrowd.com and drop us a line.   For those of you who don't want to participate at the moment, but want to learn about our progress, you can follow us on Twitter and FriendFeed ,

Until next time...

 

Good Luck and Good Job Hunting!!!!!!!

FDA is Taking Some Heat....Again

An article in today’s New York Times reports that several FDA scientists have accused the agency of granting market approval to several unsafe medical devices. According to published reports, “the House Committee on Energy and Commerce will investigate the accusations, first aired when eight agency scientists wrote a private letter in May to FDA commissioner Andrew von Eschenbach.”

Unfortunately, the allegations made by the eight scientists against the agency are nothing new. Frequently, agency managers (and sometimes political appointees) lean toward approving drugs or devices when the data pertaining to efficacy and safety are equivocal.

My sources at FDA suggest that this is what happened with approval of Merck’s ill-fated pain medication Vioxx.

Recently, there has been a spate of safety claims made against medical devices manufacturers. This is not surprising because the regulatory hurdles for marketing approval of devices are much lower for devices as compared with drugs and the medical devices and diagnostics business is the fastest growing sector in the life sciences. For an overview of the medical devices and diagnostics industry please read my recent article published in Science Careers.

Hopefully, new leadership at the agency will turn things around!!!!!!!

Until next time…

 

Good Luck and Good Job Hunting!!!!!!!!

.

 

Abbott to Shed 1,000 Jobs

Ed Silverman at the Pharmalot blog reported that Abbott disclosed in a Securities and Exchange filing that it will cut about 1,000 jobs in medical diagnostics over the next four years to cut costs and save about $150 million per year.

According to an Abbot spokesperson “The streamlining includes the closing of a clinical chemistry plant in South Pasadena, California and transferring production of some diagnostic products to plants in Europe that are closer to a big part of the company’s customer base.”

I guess this is good news for Abbott employees—the company could have eliminated all 1,000 positions in one fell swoop. The four year timeline gives current Abbott employees some time to beef up their resumes.

 

Until next time…

 

Good Luck and Good Job Hunting!!!!!

A Sign of the Times--Siemens to Layoff 17,000 Workers

Siemens, the Germany engineering, electronic and healthcare company is planning to layoff more than 17,000 workers worldwide.  Although primarily known for its engineering and electronic products like cellphones, Siemans has a large healthcare practice primarily in medical devices and diagnostics. A good portion of the layoffs are likely to take place in Germany and elsewhere in Europe.

The loss of this many jobs at one of the world's largest and most reputable companies may unfortuantely be a harbinger of things to come.

Until next time....

Good Luck and Good Job Hunting!!!!!!!!!

 

Roche Announces It Will Move 300 Jobs from Indiana to Germany

Roche Diagnostics plans to transfer about 300 jobs from its Indianapolis facility to Germany over the next three years as part of a consolidation plan.

A Roche spokesperson announced yesterday that transfers will start in October and most will be completed by 2011. A limited number of employees will be offered transfers to Germany, but most will be laid off.

Most of the positions are in research and development of reagents, which are chemicals used in test kits for HIV, West Nile virus and other diseases. The company says about 85 percent of production for the unit affected by the transfers is already in Germany. Roche has about 2,800 employees in Indianapolis.

Like other sectors of the US economy, the pharmaceutical sector is getting whacked.

Until next time…

Good Luck and Good Job Hunting??????

A New DNA-Based Diagnostic Test to Predict Prostate Cancer

Sometimes things just seem to occur randomly or by cosmic convergence. Yesterday, my good friend Pete learned that he had prostate cancer. His prostate specific antigen (PSA) levels were slightly elevated over the past few years (they were in a gray zone that made a definitive diagnosis difficult without doing a biopsy). After being urged by his wife and urologist, he had the biopsy performed and, unfortunately, a diagnosis of prostate cancer was made. Hopefully, his cancer is localized to the prostate and will be easily treated via conventional therapies. As many of you may know, prostate cancer is easily treat and the cure rates high if it is detected early.

The use of PSA levels to diagnosis prostate cancer is notoriously unreliable and inaccurate.Today, a group of Swedish scientists announced that they developed a DNA-based test that showed that men carrying a combination of known risk genes run a four to five time higher risk of developing prostate cancer. They envision that this test could be used in tandem with PSA monitoring to more accurately diagnose prostate cancer. I hope that they are right!

Unfortunately, the new test wasn't developed in time to help Pete; but perhaps it can be used in the future to more accurately assess the risk and diagnose prostate cancer quickly so that treatment begins as soon as possible!

Until next time…

Good Luck and Good Job Hunting!!!!!!