Sick Money: The Truth About the Global Pharmaceutical Industry

The pharmaceutical industry is broken, with signs of distortion to drive up profits. Drug companies are being fined for bribing doctors and striking secret price-gouging deals, while patients are driven to the black market. Sick Money argues that the way medicines are developed and paid for is no longer working and proposes a prescription for how we can fight back.

Format: Hardback
Length: 432 pages
Publication date: 07 October 2021
Publisher: Canongate Books Ltd

The pharmaceutical industry is in a state of disarray, with glaring examples of its dysfunction scattered across the landscape. From the infamous case of an American hedge fund manager who overnight increased the price of an AIDS pill from $17.50 to $750, to the tragic incident of children's cancer drugs expiring in a Spanish warehouse, the signs of this malfunction are undeniable. A system that was intended to foster innovation and patient care has been relentlessly twisted to prioritize profits above all else.

Medicines have transformed into mere financial instruments, devoid of any genuine therapeutic value. The focus of drug research, pricing, and distribution has been hijacked by the pursuit of shareholder value, disregarding the well-being of the public. Drug companies, driven by an insatiable thirst for ever-higher profits, have been caught engaging in bribery and secret price-gouging deals, while patients in desperate need of life-saving medicines are forced to turn to the black market, where they can often find drugs that national health services cannot afford.

Sick Money, a compelling book by investigative journalist Billy Kenber, argues that the current system for developing and paying for medicines is no longer sustainable. Unless urgent action is taken, we risk a significant decline in the pace of drug development, leading to a future where medicines are only accessible to those with the deepest pockets. In this book, Kenber provides a comprehensive diagnosis of the industry in crisis and offers a blueprint for how we can reclaim control and restore the integrity of the pharmaceutical sector.

One of the central issues highlighted in Sick Money is the lack of transparency and accountability in the pharmaceutical industry. Drug companies operate in a shroud of secrecy, often withholding critical information from patients and healthcare professionals alike. This lack of disclosure hinders informed decision-making and perpetuates the cycle of exploitation and abuse. Kenber calls for greater transparency in drug development, pricing, and distribution, ensuring that patients have access to accurate and comprehensive information about their medications.

Another critical aspect of the dysfunction in the pharmaceutical industry is the prioritization of profits over patient care. Kenber argues that drug companies are driven by a desire to maximize their shareholder returns, often at the expense of public health. This focus on short-term profits leads to the development of expensive drugs that may not provide significant benefits to patients, while cheaper and more effective alternatives are overlooked. Kenber advocates for a shift in the industry's focus towards patient-centered care, where the needs and well-being of patients come first.

One of the solutions proposed by Kenber is the introduction of competition and regulation in the pharmaceutical industry. He argues that the current monopolistic structure of the industry allows drug companies to exploit patients and healthcare systems alike. By promoting competition and introducing regulations to prevent price gouging and monopolistic practices, the industry can become more accountable and responsive to the needs of patients.

Kenber also calls for the reform of drug pricing mechanisms. He argues that the current system, which relies heavily on insurance coverage and government subsidies, is flawed and perpetuates inequality in access to medicines. Instead, he proposes a system that ties drug prices to the therapeutic value of the medication, ensuring that patients receive fair and affordable prices for the drugs they need.

Furthermore, Kenber emphasizes the importance of investing in drug research and development. He argues that the current system of drug discovery and development is inefficient and costly, leading to a lack of new and innovative treatments for patients. By increasing funding for research and development, the industry can foster innovation and bring new treatments to market more quickly.

In conclusion, the pharmaceutical industry is in a state of disarray, with glaring examples of its dysfunction scattered across the landscape. Sick Money provides a compelling diagnosis of the industry in crisis and offers a prescription for how we can fight back. By promoting transparency, patient-centered care, competition and regulation, and investing in drug research and development, we can reclaim control of the pharmaceutical sector and ensure that medicines are developed and distributed in the interests of patients, not shareholders. It is time for us to take action and demand a system that puts the well-being of patients first.

Weight: 656g
Dimension: 163 x 242 x 39 (mm)
ISBN-13: 9781838850258
Edition number: Main