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.
June 15, 2018 in Marketing
It only takes one meme to move a market. I’ve been in advertising, communications and marketing since 1978 (Geezer) and know one of the quickest ways to success is a big communication idea that captures the interested of the masses. If you capture consumer attention, they will sit still long enough for you to deliver […]
June 14, 2018 in Marketing
Brand planning is not just about words on a paper. Colors on a palette. Planks and buckets and values. Or even taglines…and I’m a big fan of taglines. (If you’re spending marketing dollars which don’t prove your tagline, you’re “off piste,” as I like to meme.) Brand strategy is integral to marketing. As such, all […]
Here’s an exercise for brand planners. I read this morning that when president Richard Nixon prepared for a summit in China to meet Mao Zedong, he created a checklist. What do we want? What does China want? And what do we both want? Each question had three answers. Brand planners should ask themselves the same […]
June 11, 2018 in Marketing
I’m always on the lookout for new questions to use in brand discovery. I rely on a fairly static battery of questions for company stakeholders, who provide the business foundation for my consumer questions. (Consumer questions are way less static.) Truth be told, the company is paying the bills and approving brand recommendations so they […]
June 8, 2018 in Marketing
I hate to pick on Memorial Sloan Kettering Cancer Center and its ad and web agency. MSKCC does such important work. It’s a brand with some of the greatest promise in all of brand-dom. Healing. And had the organization not developed a great brand promise “More Science. Less Fear,” I’d have probably let them […]
June 7, 2018 in Marketing
There has always been a tension in advertising between strategy and creative. The best creative ideas, creative people will tell you, come from coloring outside the lines. Think Different, to quote TBWA Chiat Day and Apple. The creative mind flourishes without bounds. Strategy people like lines and organization. We love creativity, but our day job […]
June 6, 2018 in Marketing
My LinkedIn profile lists me as a Brand Strategist. That’s the “Is” of my Is-Does. As for the “Does” I say “Redistributor of marketing wealth.” I use redistributor of marketing wealth rather than redistributor of business wealth because one can redistribute business wealth by buying a company. That’s business and finance, not marketing. Marketing is […]