Every summer, when we get rolling on the annual Top 20 Pharma / Top 10 Biopharma report, my trusty associate editor compiles pipeline information for the past year. While I suss out sales figures and try to parse the arcana of accounting, she puts together lists of new drugs that were approved, extensions or new indications for approved drugs, those that are filed and pending approval, those that have lost patent protection, research projects in late-phase or early-phase studies, and those that were canceled or rejected.
That last category, the could-have-beens, is a testament to the enormous risk that drug companies take on. This year’s #1 company, Pfizer, recently had to cancel development of a drug that would have brought in upwards of $50 billion in revenues during its lifecycle. Future revenues are kaput and $1 billion in R&D investment has been flushed away with it.
Fortunately, Michael Moore has a strategy for eliminating this expense and the risk! America needs to regulate drug companies “like utilities since they’re just as important as electricity and water.” That’ll make them more productive and less expensive! Of course!
I mean, outside of the fact that the U.S. power grid is antiquated and prone to collapse, and that the water supply in this house was provided by a well for 35 years, I’d have to say he almost knows what he’s talking about.
I do find it funny when people tell me the pharma industry needs more regulation, and that drugs should be cheaper.