Safety Issues Played a Role in Vioxx's Withdrawal from the US Market
DUBLIN, Ireland--(BUSINESS WIRE)--Jan. 27, 2006--Research and Markets (http://www.researchandmarkets.com/reports/c31670 ) has announced the addition of The Vioxx Withdrawal: Changes and Opportunities for the Industry to their offering.
The safety issues that precipitated the withdrawal of Vioxx from the U.S. market have had a devastating effect on the market potential of the selective COX-2 inhibitor class and raised doubts about the safety of all nonsteroidal anti-inflammatory drugs (NSAIDs). Furthermore, the Vioxx withdrawal sparked a continuing controversy over the FDAs regulation of drugs in the United States and the pharmaceutical industrys promotion of drugs.
This report contrasts the Vioxx withdrawal with other U.S. drug withdrawals, highlighting the unusual set of circumstances surrounding the event, and examines its ramifications for the industry. We discuss potential changes to drug regulation and promotion in the United States, consider how public opinion shapes the decisions of regulators and legislators, and propose that the pharmaceutical industry become a willing and proactive partner in the reforms triggered by this unique event.
Business Implications
-- The withdrawal of Vioxx from the U.S. market occurred against a backdrop of public relations disasters for the FDA, public criticism of rising drug costs, debate over Medicare reform, and increasing concern about the safety of approved drugs. The withdrawal set in motion a series of events likely to change the face of drug regulation and marketing in the United States.
-- Public opinion of the pharmaceutical industry is at an all-time low. Criticism of the cost and quality of drug marketing has heightened in the wake of the Vioxx withdrawal because heavy promotion to doctors and the public is blamed for the vigorous uptake of this drug. Further, the public in the United States blames the rising cost of pharmaceuticals, in part, on what it considers excessive marketing.
-- Following a long and public drug safety debate in the United States, the FDA must rebuild its reputation. The lengthy time that Vioxx remained on the market while its safety was in question and high mortality estimates have been most damaging. Public confidence in the agency has been shaken, and many commentators charge that the FDA's short approval times undermine safety.
-- The FDA has responded by introducing a series of reforms and initiatives aimed at strengthening drug safety programs and increasing the transparency of its operations. A return to slower drug approval times looks set for the future, together with more stringent postmarketing surveillance and rapid, effective response to safety concerns.
-- Pharmaceutical companies need to embrace the coming changes if they are to be successful in the future. There is no question that the industry will be held more accountable for its activities, and public perception may be the key to its success.
Topics Covered
Overview
The Perfect Storm
The Vioxx Withdrawal in Context: A Brief Chronology
Far-Reaching Effects
Outlook
List of Figures and Tables
Figure 1. Share Price History: Comparison of Merck and Pfizer Stocks with Industry Indexes
Figure 2. Public Survey Results of Consumer Confidence
Figure 3. Mean US pproval Times for NMEs, 1984-2003
Figure 4. FDA Drug Approvals Against Percentage of Drugs Withdrawn, Based on Year Approval
Figure 5. Public Survey Results of Attitudes to Drug Advertising
Table 1 Drugs Withdrawn for Safety Reasons in the United States, 1980-2005, in Order of Time on the Market
Table 2. Ten Best-Selling Therapeutic Classes by U.S. Sales, 2004
Table 3. Top Ten Drugs by DTC Spend, 2000
Companies Mentioned
-- AstraZeneca
-- Aventis
-- GlaxoSmithKline
-- Merck & Co.
-- Pfizer
-- Schering-Plough
-- Wyeth
For more information visit http://www.researchandmarkets.com/reports/c31670
The safety issues that precipitated the withdrawal of Vioxx from the U.S. market have had a devastating effect on the market potential of the selective COX-2 inhibitor class and raised doubts about the safety of all nonsteroidal anti-inflammatory drugs (NSAIDs). Furthermore, the Vioxx withdrawal sparked a continuing controversy over the FDAs regulation of drugs in the United States and the pharmaceutical industrys promotion of drugs.
This report contrasts the Vioxx withdrawal with other U.S. drug withdrawals, highlighting the unusual set of circumstances surrounding the event, and examines its ramifications for the industry. We discuss potential changes to drug regulation and promotion in the United States, consider how public opinion shapes the decisions of regulators and legislators, and propose that the pharmaceutical industry become a willing and proactive partner in the reforms triggered by this unique event.
Business Implications
-- The withdrawal of Vioxx from the U.S. market occurred against a backdrop of public relations disasters for the FDA, public criticism of rising drug costs, debate over Medicare reform, and increasing concern about the safety of approved drugs. The withdrawal set in motion a series of events likely to change the face of drug regulation and marketing in the United States.
-- Public opinion of the pharmaceutical industry is at an all-time low. Criticism of the cost and quality of drug marketing has heightened in the wake of the Vioxx withdrawal because heavy promotion to doctors and the public is blamed for the vigorous uptake of this drug. Further, the public in the United States blames the rising cost of pharmaceuticals, in part, on what it considers excessive marketing.
-- Following a long and public drug safety debate in the United States, the FDA must rebuild its reputation. The lengthy time that Vioxx remained on the market while its safety was in question and high mortality estimates have been most damaging. Public confidence in the agency has been shaken, and many commentators charge that the FDA's short approval times undermine safety.
-- The FDA has responded by introducing a series of reforms and initiatives aimed at strengthening drug safety programs and increasing the transparency of its operations. A return to slower drug approval times looks set for the future, together with more stringent postmarketing surveillance and rapid, effective response to safety concerns.
-- Pharmaceutical companies need to embrace the coming changes if they are to be successful in the future. There is no question that the industry will be held more accountable for its activities, and public perception may be the key to its success.
Topics Covered
Overview
The Perfect Storm
The Vioxx Withdrawal in Context: A Brief Chronology
Far-Reaching Effects
Outlook
List of Figures and Tables
Figure 1. Share Price History: Comparison of Merck and Pfizer Stocks with Industry Indexes
Figure 2. Public Survey Results of Consumer Confidence
Figure 3. Mean US pproval Times for NMEs, 1984-2003
Figure 4. FDA Drug Approvals Against Percentage of Drugs Withdrawn, Based on Year Approval
Figure 5. Public Survey Results of Attitudes to Drug Advertising
Table 1 Drugs Withdrawn for Safety Reasons in the United States, 1980-2005, in Order of Time on the Market
Table 2. Ten Best-Selling Therapeutic Classes by U.S. Sales, 2004
Table 3. Top Ten Drugs by DTC Spend, 2000
Companies Mentioned
-- AstraZeneca
-- Aventis
-- GlaxoSmithKline
-- Merck & Co.
-- Pfizer
-- Schering-Plough
-- Wyeth
For more information visit http://www.researchandmarkets.com/reports/c31670
posted by Chris Placitella at 6:24 AM
1 Comments:
Hi Chris Placitella, taking a little time today to see what Prestigious Business will send me to that is interesting. Safety Issues Played a Role in Vioxx's Withdrawal from the US Market looks interesting and is a great read. Will also try Prestigious Business in my e-travels. Have a super day!
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