Word: drugged
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...year ban on new-drug marketing could hurt the bottom line of drug companies. But it wouldn't be devastating. "I don't think it will have a particularly big impact," says Eric Schmidt, equity analyst at Cowen and Co., an investment bank. "The companies have already started scaling back their marketing budgets, and they've tended to direct advertising into more established brands." According to Jon Swallen, a research analyst at TNS Media Intelligence, pharmaceutical companies spent about $4.7 billion in magazine and television advertising in 2008, a 10.7% drop from 2007. And only about...
While those tied to the drug industry may disagree, they can take solace in more positive news: Waxman won't police DTC anytime soon. "We've got the stimulus bill with a number of important provisions, and I'd like to get onto the big issue, which is universal health care in this country," says Waxman. "And while we've got to be paying a lot of attention to the FDA in a number of respects, I think the food-safety issue is a lot more important than this one at the moment. So it's just not the highest...
...companies should enjoy this calm, because it likely won't last. The Democrats will get around to the drug companies at some point. And if Congress pushes through a two-year ban, could that set a precedent for further DTC restrictions down the road? Are drug and media companies headed down a slippery slope with Congress? "Give them an inch, they'll take a mile - there's concern about that," Bolling says. "There's no question the Congressmen will take it as far as they can. This is a platform for them. This is, 'I am here to save...
...this pressure lies the Obama wild card. The President has said that he wants Medicare to negotiate drug prices directly with drug companies, instead of through managed-care providers. What if the Federal Government reduced its Medicare reimbursements to drug companies who advertise to consumers? Or required them to help fund some kind of public health or education initiative? "The pharmaceutical companies are most nervous about a financial requirement for those who are doing DTC advertising," Bolling says. "It would have companies over a barrel. That's where it's really going to hurt." Things may be quiet...
...herself unwilling to quietly execute Obama's agenda the way former Speaker Dennis Hastert did President George W. Bush's. Back then, House Republicans didn't openly revolt against President Bush until the sixth year of his Administration, bitterly but quietly swallowing early bipartisan programs like the Medicare Prescription Drug Plan and No Child Left Behind. By contrast, even before Obama took office, he and Pelosi diverged on bailing out the failing auto companies. Looking to secure as much support as possible for the controversial aid package, Obama did not rule out Republican proposals to use a fund...