The drug industry, which is under fire amid escalating drug prices, has initiated a new ad campaign aimed at revamping its tarnished image.
The Pharmaceutical Research and Manufacturers of America (PhRMA), the largest lobbying group for pharmaceutical companies in the U.S., started running TV advertisements this week to highlight developments made by the drug industry to improve people's lives.
"Go Boldly" Ad Campaign
Called the "Go Boldly" campaign, the advertisements attempt to shift the focus on the progress made by pharmaceutical research which has paved the way for discovering therapies for many deadly diseases.
Though it may appear to be a responsive action to recent political bashing, preparations had started more than six months ago. The group had previously predicted a Hillary Clinton victory, and claims that campaign “would have been the same had Clinton won.”
No precise details are provided about the involved financials on the campaign, though PhRMA officials cited spending "tens of millions" on such TV commercials.
While the PhRMA CEO Stephen Ubl recognized the challenges faced by the drug industry in the wake of recent comments from President Trump and on the issues around high drug prices, he expressed optimism about the available “pragmatic policy solutions,” and hopes to “working with the administration." Trump recently said drug manufacturers were "getting away with murder."
The launch of the campaign was accompanied by the release of a regulatory and legislative scheme. It will focus on lobbying campaign, promote for the necessary changes to the U.S. Food And Drug Administration (FDA), and will support increased and better coordination between the drug manufactures and the insurance companies during new drug development.
However, the campaign does not mention the burning topic of Obamacare, and its repeal and replacement efforts. Obamacare, or the Affordable Healthcare Act, expanded the insurance coverage to people having pre-existing health conditions that were not covered under the then-existing rules. Drug makers were considered beneficiaries, as more patients would qualify for prescription drugs under the law, leading to higher drug sales. (For more, see The Beginning of the End of Obamacare.)
Launch of ad campaign was accompanied by PhRMA commissioning a recent report which showed that drug makers are not the primary beneficiaries of drug price rise, and non-manufacturing stakeholders in the drug pricing system do contribute significantly to the high prices. (For more, see Supply Chain: The Big Leak Fueling High Drug Prices.)