When Bad Things Happen To Good Companies –
Twenty years ago, the pharmaceutical industry ranked among the most respected of all industries; today they rank among the least admired – just above tobacco and financial companies. In the interim, while pharma became known for me-too statins and ED therapies, the biotechnology industry inherited the aura of the innovator of life saving therapies. Today, this aura is fading. It is no longer easy for a development stage company to stay beyond reproach. Even before a company enters the market, it may face recalcitrant regulators, issues about access or pricing, and stakeholders who are literally facing life or death outcomes. How can individual companies prepare themselves for maelstrom that may emerge when patients believe it is putting profits before patients?