Aug 2, 2016
Startling numbers that show just how powerful – and perhaps twisted – the pharmaceutical industry really is.
This quick video shows several telling statistics about the pharmaceutical industry that will blow you away. The numbers presented here not only portray how undeniably powerful Big Pharma is, but some of them might also provide support for those who argue that the drug industry is incentivized by the wrong factors.
Throughout the years, many people have criticized major pharmaceutical companies for being far more interested in making money than producing a product that can help treat those in need. As we continue to have access to more information than ever before, many of the numbers back up their claims.
Look, there is no shame in trying to turn a profit for the goods and services you produce. Furthermore, when you throw the financial aspect aside, it’s obvious that the pharmaceutical industry does plenty of good in the world. Their products literally save countless lives and treat millions of individuals every single day. Yet still, it is hard for some people to fully comprehend just how much power these companies truly hold, and even harder to understand their motivating factors.
Take a look for yourself:
- For every $1 pharmaceutical companies spend on R&D for a new drug, they spend $19 on advertising that drug – BMJ
- Big Pharma spends over $20 Billion per year marketing their patented drugs. $12B on door-to-door marketing to doctors offices, $4.7B on consumer ads, and $3.4B sponsoring industry events, conventions, and meetings - Weedist
- 51% of drugs prescribed to Americans are generics, but they only make up 8% of the country’s total amount spent on drugs – IVN
- 70% of Americans are on at least one prescription drug, 51% of Americans take at least two prescription drugs, and 20% of Americans are on at least five prescription drugs –Mayo Clinic
- 1 in 4 senior citizens skip doses of their prescribed medications in an attempt to reduce the amount of money they have spend on drugs – Tufts
- Per capita, the U.S. spends far and away the most money on drugs out of all OECD countries, and twice as much as the average country spends - Statista
- The top 10 pharmaceutical and biotech companies based on revenue made an average of $36.2B in 2015, with Johnson & Johnson leading the way at $74.3B - Statista
- The FDA Drug approval rate has jumped from 56% in 2010 to 88% in 2015 - Forbes