Drug Sales Dip...Oh My!!!!!
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According to a press release by IMS, a company that tracks pharmaceutical sales, growth of the US pharmaceutical market shrank from 8% in 2006 to a meager 3.8% in 2007–the slowest growth rate since 1961. Total U.S. prescription sales in 2007 only reached $286.5 billion. The 2007 slowdown in sales was attributed to:
- Loss of patent exclusivity for branded products
- Fewer new drug approvals
- Effect of Medicare Part D on annual growth
- Renewed focus on safety issues by US Food and Drug Administration
Industry officials place the blame for the slow down on FDA because fewer newer drugs were approved in 2007 as compared with years past. However, I believe that the slow down has more to do with:
- Higher prices of branded medications as compared with generic drugs
- Lack of public confidence in the pharmaceutical industry
- Increased scrutiny by regulators on direct to consumer advertising and continuing medical education (CME)
- Fewer and less innovative drugs in company pipelines
Bashing FDA is easy. The willingness of the pharmaceutical industry to assume ownership of some of its own shortcomings and missteps is substantially more difficult to do!
Until next time….
Good Luck and Good Job Hunting!!!!!!!!
