Prices, profits and promotional spend are closely linked. Reduce prices and promotion will plummet. But wait, the Republicans are in control. Accordingly, pharma, its marketing partners and even Wall Street often rest easy, especially when Republicans control Congress and the White House.
While many of us from blue states and urban bubbles fret over some of the actions of President Donald Trump, it’s good to take a clear-eyed view of whether or not Trump and this administration has been good for the medical marketing industries. Moreover, it’s useful to consider how a “blue wave” in the midterm elections might change the dynamic.
Although the passage of the 2017 tax bill was a victory for pharma and medical marketers, major challenges are ahead for those of us inside the Beltway for the foreseeable future.
The Coalition for Healthcare Communication (Coalition) has faced multiple challenges in Washington over the years, including major tax legislation (more on that below), and now its Executive Committee has adopted a new mission statement designed to both combat information quackery and its more modern rendition – fake medical news – and to highlight and raise the ethical standards of the medical communication industry.
While the nation’s media was focusing on the unsuccessful attempts by Republicans to pass a successor to Obamacare, a fascinating sideshow has developed in nearby White Oak, Maryland, home of the Food and Drug Administration.
Whatever comes out of Congress on the “repeal and replace” of the Affordable Care Act (ACA or Obamacare) matters because it will affect the bottom line of the life sciences industry as well as all of its industry partners.
While the future of the biopharma and device industries is mostly dependent on what happens in labs and clinical trials, their ability to innovate and successfully market medicines, devices and services operates in a policy soup often flavored by who occupies senior positions in the White House, Congress, the Supreme Court, the Department of Health and Human Services and the Food and Drug Administration.
As a public official preparing for international negotiations, I was taught by the U.S. State Department to always know exactly what you want and what you’re willing to give up before sitting down with a skilled international trading partner. It looks like pharma representatives were well prepared recently when sitting down with the country’s new Negotiator-in-Chief, President Donald Trump, but they should be mindful that the other shoe has yet to drop.
Although virtually no one in the urban bubble where biopharmaceutical companies reside expected it to happen, Donald Trump won. So, now what?
The two leading biopharmaceutical organizations made a bold public statement on FDA off-label policy that proposes new regulatory standard that provides a great starting point for the inevitable policy debates on how the FDA defines “false and misleading” in marketing.