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Big Pharma is paying attention
Author: Raine    Date: 12/19/2013 14:03:16

I"ve been a bit harried this week, So I do apologize for no blog on Monday. Today looks to be a light one as well. I wanted to mention a story -- a really big thing -- happened this week that may have gone under the radar.

One Of The Biggest Drug Companies In The World Will Stop Paying Doctors To Promote Its Products

GlaxoSmithKline, a British drug company, announced on Monday that it will no longer pay doctors to promote its products — a controversial practice in the pharmaceutical industry that health reform advocates have been fighting to end for years. Glaxo is the first major drug company to agree to shift its policy in this area, a move that may help pressure its competitors to follow suit.

The company’s decision comes just a year before drug manufacturers will be required to disclose these type of payments under one of the provisions in Obamacare. Beginning next September, data on the financial compensation that physicians receive from Big Pharma companies will become publicly available in a searchable database.
This move promises to be a major shift in how our healthcare industry works.

It's not like this company did this out of the pure goodness of their corporate hearts.
It’s hard to look like an innovator when your company has paid a $3 billion fine in the U.S. and is accused of paying another half-billion dollars in bribes to China. But GlaxoSmithKline (GSK) Chief Executive Officer Andrew Witty is building on a long-term strategy with the move he announced on Tuesday to stop paying staffers for hitting sales targets and doctors for promoting its drugs.

The move reflects Witty’s ongoing battle to modernize the British drugmaker, lower discovery costs, and create what he calls “values-based decision-making” that gets beyond hawking the latest blockbuster.


Ask your Doctor If Obamacare is right for you.

and

Raine
 

64 comments (Latest Comment: 12/19/2013 23:54:55 by Raine)
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