01 - Pharmaceutical Industry - Javier Torrejon - Galenicum
Transcript of 01 - Pharmaceutical Industry - Javier Torrejon - Galenicum
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I n t r o d u c t i o n t o
t h e P h a r m a c e u t i c a l
I n d u s t r y
U n i v e r s i t y J o i n s I n d u s t r y
M a r c h 1 5 , 2 0 1 7
J a v i e r T o r r e j ó n
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GALENICUM HEALTH 2
Topics to be covered today..
History
Drug$
Economics
R&D. The core of the Industry
RISK Factors
Current trends
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GALENICUM HEALTH 3
Introduction
Develops, produces, & markets medicinal drugs
Deal in generic &/or brand medications
They are subject to a variety of laws & regulations regarding the
patenting, testing & marketing of drugs
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GALENICUM HEALTH 4
History
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GALENICUM HEALTH 5
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Some Important Events
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GALENICUM HEALTH 6
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History of the Drugs
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GALENICUM HEALTH 7
DRUG$
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GALENICUM HEALTH 8
Health expenditure as % of govt budget
10,89,8
11,714,0
11,5
0
2
4
6
8
10
12
14
16
Low (36) Lower-middle (53) Upper-middle (56) High (52) Global (197)
Pe
rce
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Income Group (# countries )
Abuja Target
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GALENICUM HEALTH 9
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Country group (number of countries)
Population Total Pharmaceutical Expenditure
Millions % Million US$ % %THE %GDPPer capita (US$)
WHO regionAfrica (43) 819 12.1% $19,464 1.7% 23.0% 1.3% $10.59 Americas (35) 923 13.6% $436,004 38.7% 19.8% 1.3% $87.30 Eastern Mediterranean (19) 573 8.4% $20,763 1.8% 20.1% 1.2% $50.31 Europe (52) 896 13.2% $331,683 29.5% 21.5% 1.6% $308.48 South-East Asia (10) 1,783 26.2% $41,157 3.5% 33.2% 1.3% $13.05Western Pacific (27) 1,800 26.5% $276,362 24.6% 18.7% 1.2% $37.90 World Bank income groupHigh-income (49) 1,092 16.1% $775,305 68.9% 18.5% 1.4% $463.59
Upper-middle-income (55) 2,474 36.4% $283,864 25.2% 21.2% 1.3% $96.78 Lower-middle-income (50) 2,480 36.5% $59,580 5.3% 23.6% 1.3% $26.28Low-income (32) 749 11.0% $6,683 0.6% 27.7% 1.6% $8.01 GlobalGlobal (186) 6,795 $1,125,433 20.8% 1.4% $68.78
Source: World Health Organization Global Health Observatory Database, 2013National Health Accounts, 2013
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GALENICUM HEALTH 10
“A Chemical Substance that Interacts with a Living
System and Produces a Biological Response”
What is a drug$?
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GALENICUM HEALTH 11
o Drugs must address a new need or provide a significant “added benefit” over an existing medicine
o Drugs must also meet five criteria:
o Must be safe, effective, of high quality
o …cost effective (1980s)
o ……….affordable (1990s)
o ……………REALLY affordable (2000+)
What criteria MUST new drugs meet?
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GALENICUM HEALTH 12
o Ethical drugs
o Generic drugs (no longer under patent)
o “Prescription Only” vs “Over the Counter”
o “Off Label” applications
o Orphan drugs
o Biotechnology products
o Counterfeit drugs
o Street drugs!
Classification of Drug Types
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GALENICUM HEALTH 13
Economics
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GALENICUM HEALTH 14
Worldwide revenues > $980 billion/year
Sales for the 10 largest drug companies: $297 billion in2013
Greater than 5000 companies worldwide
Top 5 companies have market shares about 4 - 5 %
US = Largest markets (40 % of worldwide sales)
Economics of the Pharmaceutical Industry
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GALENICUM HEALTH 15
The companies in 2013
Company $Billions
Pfizer 48
Novartis 47
Roche 39
MSD 37
Sanofi 37
GSK 33
Jonhson & Jonhson 28
AstraZeneca 25
Lilly 21
AbbVie 18
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GALENICUM HEALTH 16
Economics
18.6% profit margin in 2013
16.4% in 2000 ($24 billion)
Largest of any industry
4 times greater than average return of all fortune 500companies
8 out of 25 most profitable U.S. companies arepharmaceutical companies
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GALENICUM HEALTH 17
Mergers and Acquisitions
Drug company mergers
- Pfizer-Warner-Lambert, Upjohn-Pharmacia,Glaxo-Wellcome-SmithKline Beecham, etc.
Pfizer acquired Pharmacia in 7/02 for $60 billion tobecome the worldNs most powerful drug conglomerate.In 2015, Pfizer acquires Hospira
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GALENICUM HEALTH 18
55% out-of-pocket
25% private insurance
17% medicaid
3% Other (VA, WorkmanNs Comp, IHS, etc..)
Who pays the party?
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GALENICUM HEALTH 19
Where Prescription Money Go
Research and development - 12%preclinical testing - 6%clinical testing - 6%
Manufacturing and distribution - 24%
Sales and marketing - 26%
Administrative / miscellaneous expenses - 12%
Taxes - 9%
Net profit - 17%
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GALENICUM HEALTH 20
R&D. The core of the Industry
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GALENICUM HEALTH 21
The “Pay Off”……to the companies
o R&D = 15 to 25 % of sales turnover
o Patent protection – 20 years from filing
o On average, 11yrs. of productivemarket life
o Losec – $2.7Bn in 1998; Nexium (single enantiomer)
$7.7Bn in 2008
o Lipitor - $1Bn in 1998; $13.8Bn in 2008
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GALENICUM HEALTH 22
Cost of launching an NCE continues to rise
25th percentile
75th percentile
AverageStandard deviation
Standard error
Industry(n=20)
$M782 1235 1064 311 70
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GALENICUM HEALTH 23
Pharmaceutical Industry Facts
Revenues from approved drugs (1 of 5 to 10,000) must cover theJdry holesK of non approved compounds.
Average cost of bringing a drug to market is 1000 million dollars.
Average approval time is 12 to 15 years.
Time to recoup investment is shrinking- generic drugs andlimited patent life
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GALENICUM HEALTH 24
Pharma Industry: Innovators vs. Generics
Except BQ
Except BQ
InnovatorGeneric
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GALENICUM HEALTH 25
Pharmaceutical Industry Facts Generics
High competition
Price Pressure
Short product lifecycle
Same regulatory requirements
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GALENICUM HEALTH 26
Pharmaceutical Industry Facts Generics
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GALENICUM HEALTH 27
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GALENICUM HEALTH 28
Source: PhRMA, Based on Data From the Tufts Center for the Study of Drug Development, 1995
Compound Success Rates: 1 in 10,000 Reach FDA Approval
0 2 4 6 8 10 12 14 16
1Approved by
the FDA
5Enter Clinical Testing
250Enter Preclinical
Testing
5,000–10,000Screened
Discovery (2–10 Years)
Preclinical Testing Laboratory and Animal Testing
Phase I 20–80 Healthy Volunteers Used
to Determine Safety and DosagePhase II
100–300 Patient Volunteers Used to Look for Efficacy and Side Effects
Phase III 1,000–5,000 Patient Volunteers Used to Monitor Adverse
Reactions to Long-term Use
FDA Review/Approval
Additional Postmarketing Testing
Compound Success Rates by Stage
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GALENICUM HEALTH 29
Top 10 Therapies - sales in 2008 (US$Bn)
2008 sales % share
Oncology agents 45.8 6.4
Lipid regulators 34.2 4.8
Respiratory agents 30.7 4.3
Acid pump inhibitors 26.7 3.8
Antidiabetics 26.0 3.7
Antipsychotics 22.4 3.1
Angiotensin antagonists 21.6 3.0
Antidepressants 20.4 2.9
US$227.8Bn 32.1%
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GALENICUM HEALTH 30
Decreasing Costs
Formularies
Generics
Volume discounts/mail order prescriptions
Patient activism-e.g., AIDS/ACT UP
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GALENICUM HEALTH 31
Drug Reimbursement Systems
Copaymentsincome variationexempted groups
Cost-sharing
Expenditure limits
Positive and negative prescribing lists
Therapeutic efficacy categories
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GALENICUM HEALTH 32
COST Perspective
What is the cost if pharmaceuticalmanufacturers did not create revolutionarydrugs……..
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GALENICUM HEALTH 33
COST of Uncured Disease States
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GALENICUM HEALTH 34
The “Pay Off”…….to us
o Massive contributions to health, quality of life, reduced child
mortality, life expectancy
o Vaccines have eradicated major disease – smallpox; vaccines for
malaria and pneumonia soon……..?
o But costs and accessibility to healthcare are becoming major
social and geopolitical issues
o And, is there something seedy about making money out of
illness?
o What will happen into the future?
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GALENICUM HEALTH 35
RISK Factors
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GALENICUM HEALTH 36
Vioxx ®
$2.5 Billion annual sales in 2003-#1 arthritis and acute pain medicine outside the US
-#2 in the US
Use >18months will cause heart attack and stoke
Voluntarily withdraw worldwide (Sep 30, 2004)
share price dropped from $45.07 to $33.00(one day)
$27 billion in market cap was erased
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GALENICUM HEALTH 37
Vioxx®
9,650 Vioxx liability lawsuits has been filed (Dec 31, 2005)
19,100 plaintiffs has involved (Dec 31, 2005)
The company spent $285 Million in legal defense during 2005
Increase the reserve amount to $685 Million for legal fees through2006 and 2007 (Dec 2005)
Unpredictable outcomes in lawsuits, substantial damages, fines,
criminal penalties
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GALENICUM HEALTH 38
Other Risk Factors
Failure in developing and acquiring commercially successful products
Failure in regulatory approval
Competition from other products
1) More efficiency
2) price pressure
Unexpected future changes in government laws and regulations
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GALENICUM HEALTH 39
Too many companies, too few products
0
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10
15
20
25
30
35
40
45
2008 2009 2010 2011 2012 2013 2014 2015
Molecules Losing Exclusivity in Germany and USA2008-2015
US LoE
German LoE
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GALENICUM HEALTH 40
Current Trends
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GALENICUM HEALTH 41
Trends of the Market
Arthritis
– 46 million adults (non-institutionalized) in the U.S. (2003)
– 21% of adults (non-institutionalized) in the U.S. (2003)
Cancer
– 23 million suffering worldwide. Estimated of 1.37 million people in the US were diagnosed withcancer in 2005
– about 1 in 3 lifetime risk; 38% of women and 43% of men
– The average cost of cancer treatment is well over $100,000 per person.
– Estimated $280 billion spent on treatment drugs for cancer annually. More than $100 Billions inUS
Diabetes
– Estimated 18.2 million people in the United States, or 6.3% of the population (2005)
– 165 million cases worldwide (2003)
– $132 billion spent in direct and indirect costs in America (2002)
Heart Disease
– 25 million adults in the US
– Heart disease and stroke cost US around $214 billion annually. ($115 billion direct) (2002)
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GALENICUM HEALTH 42
US NCE Approvals 2001-2007
0
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40
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
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GALENICUM HEALTH 43
Current pipeline activity looks to continue the trend
0
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Germany
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GALENICUM HEALTH 44
It includes many job opportunities of pharmacists:
Drug discovery
Manufacturing
Marketing
Medical information
Product development
Quality assurance
Training & development
Sales
Regulatory
Project management
Health outcomes research
Legal (e.g. IP)
Information technology
Scientific communications
Jobs Opportunities in Pharmaceutical Industry
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GALENICUM HEALTH 45
It includes many job opportunities of pharmacists:
Patience
Attention to detail
Decisiveness
Independence
Excellent IT skills
Numerical skills
Analytical skills
Teamworking skills
Languages
Jobs Opportunities in Pharmaceutical Industry
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GALENICUM HEALTH 46
Solution selling
Focus on other party problems
Be solution to the problems
No problems by yourself
Jobs Opportunities in Pharmaceutical Industry
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GALENICUM HEALTH 47