I read today about a hepatitis C drug that costs $1,000 per pill. It’s called Sovaldi. Don’t get me started on the paucity of pharma names – it seems they are all used up. Marketing consists of 4Ps: Product, Price, Place and Promotion — so I have a question for the marketing director of Sovaldi. Is this a niche product for the very rich? The rich who, by the way, don’t index high for Hep C?
There are three parties involved in this little health care rubric: the drug company, the patient and the insurance company. The drug company (Gilead) is giddy with its 1st quarter earnings. Record earnings. The patients are happy, I suppose, with a drug that presumably is better than what currently exists. And the insurance companies? They must be clearly wondering how this drug got through the FDA.
The pharma marketing director who set the price of Sovaldi must have used a formula to cover R&D, physician detailing, marketing etc., but s/he knew that insurance companies would foot the bill. Very few people can pay $1,000 for a pill.
So who is to blame for approving this non-viable, specialty product? Not to seem cold but someone along the chain must have known this drug price would be a little out of hand. They must also have known insurance companies would pay for it. In what marketing scenario does one price a product so high that nobody but a very few can afford it? Entire families are going without healthcare in the ACA Age because of the price of one of these pills. Something is broken. And someone from the insurance industry needs to step up and fix it. Peace.
October 19, 2018 in Marketing
There are lots of corporate executives out there who believe brands are the provenance of packaged goods companies. And while they will admit to having a brand name and logo, they don’t see the need for a brand strategy. Service companies are about selling and sales teams. They are about lead generation, acquisition, sales commission, […]
October 18, 2018 in Marketing
…was yesterday’s headline announcing someone new will be fill the costume of Big Bird on Sesame Street. The new talent will study Big Bird’s mannerisms, body language, physical quirks and more. Going to game film, as it were. I’m not sure if the voice will change but my guess is the new Big Bird will […]
October 17, 2018 in Marketing
If I’ve read it once, I’ve read or heard it a thousand times, the four words in the headline referring to good advertising: Cut through the clutter. Talk about setting the bar low! And if you are advertising you are branding. Proponents of this kind of investment need to be taken to the woodshed. If […]
October 16, 2018 in Marketing
ROS stands for return on strategy. In my world brand strategy is strategy. As “an organizing principle for product, experience and messaging,” there is very little that a brand strategy doesn’t touch. So as Sears tries to become profitable out of bankruptcy and needs to sell under performing stores, that’s about the product. The retail […]
October 9, 2018 in Marketing
Lots of people talk about company culture. Like it’s a good thing. I’m not so sure. Culture, of course, is a good thing. But company culture, in and of itself, can be limiting. When you put a bunch of likeminds in a room the tendency is to swim together. Nothing wrong with a little corporate […]
October 8, 2018 in Marketing
First question, “Do you have a brand?” Most marketers will answer yes. Second questions, “Do you have a brand strategy?” Those same people are likely to pause then offer a less-than-emphatic yes. Third question, “Can you articulate your brand strategy?” This is where the homina-homina kicks in. It’s a simple fact that most brand practitioners […]
October 4, 2018 in Marketing
Storytelling is big in marketing today. One flavor espoused by Co-Collective CEO Ty Montague is called Story Doing, a smart improvement. I’m a fan-boy of doing rather than telling. HOWEVER. And with me there is always a however when it comes to brand. However, a word that trumps “story” is “strategy.” Using Mr. Montague’s construct […]