Quote Of The… Year? $1B Drug Cost Is ‘A Myth’

Andrew Witty, CEO of GSK has let the Cat out of the Bag.  He says oft-cited $1B figure is inflated as it includes costs of all failed drugs. 

Quote Of The… Year? $1B Drug Cost Is ‘A Myth’ // Pharmalot.

He reasons if Big Pharma (and others) didn't fail so often and weren't so inefficient, then costs would drop.  And that coul dbe passed on to the consumer. That's the first time I've seen that kind of statement out of a leading Big Pharma Exec's mouth.  He should know better than I.

It might appear Witty is trying to appeal to EU government cost cutters by holding out strong hope that drug costs can be contained, in part, through more efficient development leading to lower prices to consumers and payers.  Not likely to win many friends in rest of Big Pharma or at Tufts.

See also In the Pipeline.

Posted by Bruce Lehr Mar 18th 2013.

Comments

[Gareth]

Hi Bruce - I covered some research that reached a similar conclusion a few years back (http://www.in-pharmatechnologist.com/Regulatory-Safety/Study-questions-1.3bn-average-R-D-cost-per-new-drug).