“DOSE OF REALITY” Big Pharma’s True Track Record Is A Hard Pill To Swallow: Part V
In advance of the U.S. Senate Committee on Finance hearing on February 26, 2019, the Campaign for Sustainable Rx Pricing (CSRxP) is releasing a blog series on what lawmakers can expect to hear from the seven pharma executives who will attend — and why their rhetoric rings hollow when measured against their companies’ track record.
We’re taking a look at the unkept pledges, proclamations and promises made by Big Pharma that lawmakers should be prepared to confront with a “dose of reality.”
Yesterday, we examined the record of Johnson & Johnson compared to the assurances of CEO Alex Gorsky.
Today, we will look at the rhetoric of Merck CEO Kenneth Frazier compared to his company’s track record.
MERCK CEO KENNETH FRAZIER:
Kenneth’s Commitments:
- “Merck Is Working To Save And Improve Lives Around The World By Inventing Breakthrough Medicines And Vaccines – And Ensuring They Are Available And Affordable To Patients Who Need Them.” (“Our Commitment To Access And Affordability,” Merck & Co., Accessed 2/11/19)
- “We Have A Long History Of Responsibly Pricing Our Medicines And Vaccines To Reflect Their Value To Patients, Payers And Society.” (“Our Commitment To Access And Affordability,” Merck & Co., Accessed 2/11/19)
HARD MEDICINE:
- From 2012 To 2017, Merck & Co. Raised The Price Of Its Drug To Treat High Cholesterol, Zetia, By 114 Percent. (“Manufactured Crisis,” S. Senate HSGAC, 3/27/18)
- In July 2018, Merck Said It Would “Lower Prices On Several Drugs By 10 Percent Or More,” However, The Drugs Impacted Were “Minor Products” With Dipping Sales Or That “Had Lost Their Patent Protection And Are Available … As Low-Cost Generics.” (Katie Thomas, “Merck Is Lowering Drug Prices. There’s A Catch.,” The New York Times, 7/19/18)
- The Drugs Receiving Cuts “Add[ed] Up To Less Than 0.1 Percent Of Merck’s Total Sales.” (Peter Loftus, “Merck To Limit Drug-Price Increases, Cut Some Prices,” The Wall Street Journal, 7/19/18)
- Merck’s List Prices Increased Nearly Seven Percent In 2017 And “Before That, Merck’s Average Annual List Prices Had Increased By At Least Nine Percent Since 2011.” (Peter Loftus, “Merck To Limit Drug-Price Increases, Cut Some Prices,” The Wall Street Journal, 7/19/18)
- “In Every Year After 2010, Merck Said Its Average List Price Hikes Over Its Entire Drug Portfolio Was More Than 9 Percent, Peaking At 10.5 Percent In 2014.” (Bill Berkrot, “Merck Reveals Seven Years Of Its U.S. Drug Price Increase History,” Reuters, 1/27/17)
Stay tuned for our next blog tomorrow comparing another pharma CEO’s rhetoric to the reality.
CLICK HERE to read Big Pharma’s True Track Record Is A Hard Pill To Swallow: Part I.
CLICK HERE to read Big Pharma’s True Track Record Is A Hard Pill To Swallow: Part II.
CLICK HERE to read Big Pharma’s True Track Record Is A Hard Pill To Swallow: Part III.
CLICK HERE to read Big Pharma’s True Track Record Is A Hard Pill To Swallow: Part IV.
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