At this point, most Americans have gotten used to seeing pharmaceutical advertisements on their television screens. There are ads for everything from erectile dysfunction drugs to blood pressure medications that play on TV screens across the country every day.
But those ads might start to look a little bit different soon thanks to a new rule that was just proposed by the Trump administration.
The rule calls for any pharmaceutical company that is advertising a medication on TV to include the price of it somewhere in the ad. If the rule is officially put into place, it would force companies to let consumers know how much they can expect to pay for a 30-day supply of a diabetes medication, a single course of antibiotics, or any of the other countless number of drugs that are marketed on TV. The new rule would apply directly to any drug that is currently covered by either Medicare or Medicaid.
The Pharmaceutical Research and Manufacturers of America, better known as PhRMA, are already trying to skirt the new rule by saying that, rather than including the price of medications in TV ads, they would like to direct consumers to their websites to obtain pricing information. But it sounds like Health and Human Services Secretary Alex Azar is against this idea and looking to make the 33 companies that make up PhRMA do more. He has already come out and said that he wants to see pharmaceutical companies advertising their prices on TV as opposed to on their websites.
If this new rule goes into effect, it could dramatically change the way pharmaceutical companies advertise their products. They’ll need to come up with new marketing strategies to do it, and they’ll need a company like Pharma Consultants to help out. Call us at 973-476-6591 today to learn how we can assist you with your pharmaceutical marketing needs!