Big Pharma’s “cash-filled coffers” have given it a stranglehold on medical science, says the author, and reforms are needed to recover real consumer protection.
Here’s a book title that grabs attention: “Our Daily Meds: How The Pharmaceutical Companies Transformed Themselves Into Slick Marketing Machines And Hooked The Nation On Prescription Drugs”.
The book’s author knows whereof she speaks. Melody Petersen covered the pharmaceutical industry for The New York Times for four years. Now she has gathered all her research and resources into one whiz-bang of a book that rips the lid off Big Pharma’s terrible transition from a health-care industry to a share-price-care industry.
As long ago as 1990, a former pharmaceutical executive told a Senate hearing that drug companies have “institutionalized deception.” Petersen’s fact-filled report provides the details and the proof of Big Pharma’s deceptions, ranging across every aspect of business practice and even worse, its medical research and development practices. Big Pharma cheats, bribes, cajoles and PRs everything, from its research results to its fudged financials.
For example, Petersen reveals the real truth about Big Pharma’s claims that research and development costs gobble up all their profits. In fact, she says, drug companies put most of their profits into influencing medical science and marketing. It’s true that drug R&D takes a lot of dough, but the figures are “obscenely inflated” by including marketing costs, and get this — money that could have been made if the R&D money had been invested in interest-bearing accounts instead.
“With their hoards of cash,” Petersen writes, “the companies have readily handed money to patient groups, hospitals, universities, physician societies, government agencies and just about any organization they want on their side … the industry’s cash-filled coffers have given it a stranglehold on medical science.”
Many of the topics Petersen addresses have been discussed in several excellent earlier books. One particular good one is, “The Truth About the Drug Companies: How They Deceive Us and What to Do About It”, by Marcia Angell, former editor for` The New England Journal of Medicine. Angell’s book, says Publisher’s Weekly, “… presents a searing indictment of big pharma as corrupt and corrupting: of Congress, through huge campaign contributions; of the FDA, which is funded in part by the very companies it oversees; and, perhaps most shocking, of members of the medical profession and its institutions.”
Petersen takes many of these issues to another level, however. For instance, she actually names many prominent doctors who are “on the take” from Big Pharma. And Petersen is particularly put off by “ghostwriting” of medical journal articles, a topic we took up in an earlier blog.
If you’ve ever taken a prescription medication — and who hasn’t — you need to read this book. The old saying caveat emptor — let the buyer beware — applies here, and in spades. Your health and even your life are at stake.