Expert: More Transparency Would Bolster Big Pharma’s Image
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It’s no surprise that the public hates Big Pharma. They rank just under the government on most Americans’ despised institution list.
The public cites high drug prices and a lack of transparency with data from clinical trials as the reason why drug companies are so unlikable.
Gunjan Bhardwaj CEO of Innoplexus is my guest on this episode of the Drugwatch Podcast. Innoplexus uses artificial intelligence to gather and organize data across a variety of industries, including pharma.
A recent survey that Innoplexus commissioned showed:
- 62 percent of consumers are concerned that pharma companies’ compensation to physicians who consult on clinical trials creates conflicts of interest and corruption.
- 73 percent said that their opinion of pharma companies would improve if companies were more transparent about what contributes to the price of drugs.
- 74 percent want to see more transparency about negative clinical trial results.
He explains why people hate pharma and what companies should do about it. He also suggests that pharma is not the only one to blame.
“What we, from a public perception point of view, are not aware of is the scientific ecosystem is also to blame equally,” Bhardwaj said. “Do you know there are very few journals, scientific journals, where people publish about failed experiments?”
Bhardwaj points to what he calls the “scientific ecosystem” as another culprit. This includes academic institutions, medical journals and regulatory agencies.
“One should work in an institutionalized fashion to bring in more transparency in the system,” he said. “But not just at the level of a pharmaceutical company or a med-tech company, but for the system as a whole.”
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