Lately pharma (pharmaceutical companies collectively as a sector of industry)execs have been taking yet another volley (a number of bullets, arrows, or other projectiles discharged at one time)of criticism (the expression of disapproval of someone or something on the basis of perceived faults or mistakes)over drug-pricing practices from Hillary Clinton and Marco Rubio—and plenty of others—without offering much in the way of a defense (the action of defending from or resisting attack). Now two CEOs say the industry—whose stocks tumbled (fall suddenly, clumsily, or headlong)on a Clinton tweet about ‘price gouging ( a large amount, as of money, exacted or extorted)’ and whose share prices have been ailing (in poor health)since July—is quietly formulating (express (an idea) in a concise or systematic way)its response plan.
When Biogen BIIB 0.84% CEO George Scangos was asked on a third quarter earnings (gain deservedly in return for one’s behaviour or achievements)call Tuesday about the industry’s relative silence on the subject of late, he predicted (say or estimate that (a specified thing) will happen in the future or will be a consequence of something)drug companies would soon weigh in. “Obviously, there has been a lot of rhetoric (the art of effective or persuasive speaking or writing, especially the exploitation of figures of speech and other compositional techniques)recently,” Scangos said. “The industry is preparing a thoughtful presentation of a different perspective (a particular attitude towards or way of regarding something; a point of view)on drug prices and the value that we bring to patients and the medical community.”
Eli Lilly LLY -0.19% CEO John Lechleiter offered a similar response when asked about the subject by an analyst (a person who conducts analysis)this morning, on an earnings call: “You can expect to see more coming from the industry,” he said, noting that the response needs to be well-calibrated ( ). “We have to be careful and thoughtful here. I don’t think there is a way you can spend enough money to all of a sudden change people’s mind.”
That said, Lechleiter believes it can be done. “We have a great story to tell,” he said. “If you look at the hepatitis space, the cancer space, diabetes—there are huge advances in recent years…I’ve never been as optimistic ()about our chance to make a difference.” He added that the media focuses on examples of individual drug price hikes, it has overlooked the fact that expense of drugs as a proportion of healthcare spending has remained “remarkably constant” over the years. Moreover, drug companies, Lechleiter says, are mandated ( )by the government to provide “deep discounts”, and are increasingly under pressure to do so to get their medicines on formularies (a collection or systems of formulas)and to be able to compete for business. “We have more work to do, and you can expect to see more.”
Source – http://fortune.com/2015/10/22/big-pharma-wont-stay-silent-in-drug-pricing-debate-for-long/