I just finished reading "The Truth About the Drug Companies: How They Deceive Us and What to Do About It," by Marcia Angell, former editor of the New England Journal of Medicine. It is an interesting look at one of the most profitable industries in the world, an industry that profits not by excelling in the free market, but rather by manipulating the government's involvement in the market.
On Wednesday, the pharmaceutical "Direct to Consumer Advertising" industry hosted its annual awards dinner honoring drug companies for clever advertising campaigns of prescription drugs on TV, in print and online. Community Catalyst, a national nonprofit advocacy organization focused on ensuring quality, affordable health care for all, gave out its own drug marketing awards.
The categories are:
* Performance Anxiety Award: For Exploitation of Male Fears of Inadequacy
* Speak No Evil Award: For Concealing Drug Risks and Exaggerating Benefits in the Name of Profits
* Least Extreme Makeover Award: For Dressing Up an Old Drug with a New Name and a New Price Tag
* Smells like Teen Exploitation Award: For Shameless Marketing of Prescription Drugs to Kids
* Cure for the Human Condition Award: For Hawking Pills to Treat the Trials of Everyday Life
* Asleep at the Wheel Award: For Failure to Police Drug Advertising
* Real Deal Award: For Providing Unbiased and Independent Information about Prescription Drugs
Friday, March 04, 2005
Bitter Pill Awards
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It seems to me that one of the questions that this type of capitalism seems to ignore is what are the limits, if any, of a company’s right to say or do anything and "let the buyer be aware". The support of evangelical Christians (in general) in the unrestrained right of companies to make and do what ever they can get away with; seems to ignore their doctrine of "original sin" or "the depravity of man". Thus this type of capitalism would only work when the people running the companies would show self-restraint in honestly promoting only those products that would be clearly beneficial to the public. But if the doctrine of "original sin" is correct then we can never expect that the persons running the companies to do anything against their self-interest. Thus for capitalism to work, there needs to be some actor to promote the common good as opposed to the individuals good. A regulator or a representative of the common persons to act in their behalf. In short a government to represent the people, and not just the financial interests of the companies.
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