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Leaders wave a magic wand at pharma’s thorniest issues

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The magic wand experiment, which asks what you would do if you could cast a spell to fix a major challenge, invites you to think big, dream your wildest dream or solve the seemingly unsolvable. And when we asked leaders in the life sciences what they would change about the industry if they could simply wave a wand, many took aim at its most vexing problems.

In the first part of this magic wand series published last week, we shared insights from a range of execs about what they’d love to fix in the clinical trials arena. In this installment, leaders wish away many of the large and looming issues facing the entire industry, from reputation to drug pricing and more.

Give treatment power to doctors

Sabrina Johnson, CEO, Daré Bioscience 

 

“Removing the treatment decision from the payor and returning it to the provider. What an advancement it would be for patients if they always got the treatment option recommended by their provider for their unique circumstance first, as all humans deserve, instead of what an insurer wants to cover.”
Sabrina Johnson, CEO, president, Daré Bioscience, and a PharmaVoice 100

Improve pharma’s reputation

Jason Noto, SVP, U.S. market access, Aveo Oncology

 

“It’s external reputation. Despite regular media headlines pertaining to aggressive product pricing, the reality is that the innovations occurring through extensive clinical development have transformed countless diseases from terminal to chronic, where individuals enjoy a sound quality of life while managing their disease. This progress comes at a significant cost via drug development, a fraction of which manufacturers need to recoup via marketed products simply to stay solvent to continue efforts to improve clinical outcomes.”
Jason Noto, senior vice president, U.S. market access, Aveo Oncology

Revamp patent protections

Dr. Sam Wu, chief business officer, Blue Lake Biotechnology

 

“Reduce uncertainty around IP life for new drugs by giving all new chemical entities the same fixed number of years of exclusivity regardless of when their patent protection expires. This would reduce risk for companies and their investors, make costs more predictable for payors and, ultimately, help patients.”
Dr. Sam Wu, chief business officer, Blue Lake Biotechnology

Make the patient space more tech savvy

Pat Leary, chief commercial officer, Phil Inc.

 

“I would close all digital gaps that exist between patients (consumers) and access to healthcare. Today, the smartphone is almost as vital as the stethoscope and digital tools have been shown to improve health outcomes and offer more convenient access to healthcare, increasing patient engagement and satisfaction.”
Pat Leary, chief commercial officer, Phil Inc.

Tackling mental health challenges for children

Georgia Mitsi Entrepreneur in Residence

Georgia Mitsi, entrepreneur in residence, Emerald Bioventures

Permission granted by Georgia Mitsi

 

“My magic wand would be focusing on kids’, adolescents’ and young adults’ mental health. Mental health in the younger population is an issue that requires immediate attention. We cannot even continue discussions about prosperity and leadership if we first cannot ensure that we have the systems and the resources in place to teach the foundational skills for emotional resilience. We need to focus on equipping the younger generation with tools before the crisis hits. Our country’s future is dependent on cultivating strong, resilient, empathetic citizens who can work hard and solve other challenges.”
Georgia Mitsi, entrepreneur in residence, Emerald Bioventures, and a PharmaVoice 100

Bring multiculturalism to patient advocacy

Sheila Thorne Multicultural Healthcare Marketing Group

Sheila Thorne, CEO, Multicultural Healthcare Marketing Group

 

“Burgeoning racial, ethnic and linguistically diverse U.S. populations demand a courageous and intentional departure from patient advocacy business as usual. Eliminating health disparities and striving for health equity are not elusive goals. If I could wave a magic wand, it would be to weave multiculturalism in the fabric of the industry from molecule to market.”
Sheila Thorne, CEO, president, Multicultural Healthcare Marketing Group, and a PharmaVoice 100

Make strides with equity

Jill Carroll, partner, SR One

 

“Equity. Across the biotech and pharmaceutical industry, we can take actionable steps to improve diversity and inclusion. From providing mentorship and support to under-represented groups in STEM fields to creating leadership opportunities to focusing on inclusion in clinical trials, we must prioritize making advances in equity.”
Jill Carroll, partner, SR One

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