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Drug costs are regularly criticised as being too high - and the pharmaceutical industry attacked for not making them cheaper. But David Fisher, commercial director for the Association of the British Pharmaceutical Industry, says companies are unfairly attacked.
The shift of the pharmaceutical industry from one based on blockbuster drugs to one based on smaller, niche medicines is affecting not just companies’ R&D strategies, but also how companies are marketing their drugs.
We spoke to Rebecca Robins, the global marketing director at Interbrand Health, an international branding agency, about how branding and marketing in the pharmaceutical industry is changing. She has helped brand several big drug blockbusters, including Bristol-Myers’ Plavix, the world’s second largest drug by sales.
One of the main differences that she sees today is that companies “are coming to us earlier in their pipeline” with drugs in their mid-stage development rather than waiting until the late stages as they did 10 years ago. Now facing markets more crowded with competitors, the companies are beginning to shape a brand for its experimental medicine with Phase II data in hand, much earlier than if they waited until they had late-stage study results. This gives companies “critical extra years to shape and condition the market,” said Robins.
Singapore’s industrial production unexpectedly increased in May as pharmaceutical companies boosted output.
Manufacturing, which accounts for about a quarter of Singapore’s economy, rose 2 percent from a year earlier following a revised 0.4 percent gain in April, the Economic Development Board said today. The median forecast in a Bloomberg News survey of seven economists was for a drop of 3 percent.
Singapore’s government said last month the nation may have “hit the bottom” of its deepest recession since independence in 1965. The narrowing of declines in the island’s exports and production has been helped by gains in pharmaceutical shipments, an industry economists describe as “volatile.”
“The pharmaceutical industry may have gotten a boost from demand for vaccines and other drugs amid the swine flu,” said Alvin Liew, an economist at Standard Chartered Bank in Singapore. “The broad picture shows that you can’t run away from the fact that electronics are still weak. I’m quite doubtful that this pace of recovery can be maintained.”
