STAT August 7, 2024
The polarized debate over drug pricing has generated cartoonish, sometimes colorful caricatures of the biopharmaceutical industry and its leaders. Critics of the industry have portrayed pharmaceutical leaders as ruthless, rapacious leaders who gouge patients to gratify greedy shareholders. While one might expect industry trade organizations to defend their leaders, their responses have sometimes portrayed leaders as powerless proxies of their shareholders whose product portfolios and profits would collapse if forced to negotiate a “maximum fair price” with Medicare, their largest customer. Neither characterization depicts the industry leaders I have worked with in my career or their long record of accomplishment.
Pharmaceutical leaders face competing pressures. Their companies are expected to develop products that reduce the burden of disease and make...
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