AstraZeneca, the pharmaceutical giant, has reported a significant increase in sales in the first quarter of 2023, despite controversy surrounding the £18.7 million pay packet of its CEO, Pascal Soriot. The company’s strong growth, driven by cancer treatments and its top-selling drug Farxiga, has potentially overshadowed questions about Soriot’s compensation. AstraZeneca’s shares have also performed well, increasing by 10% this year and quadrupling in value since Soriot took over in 2012.
Samsung Biologics, a global contract development and manufacturing organization (CDMO), has announced impressive financial results for the first quarter of fiscal year 2024, driven by the robust demand for its client-centric services and strategic investments in cutting-edge therapeutic technologies. The company reported a 31.3% increase in consolidated revenue and a 26.5% increase in net profit compared to the same period in the previous year.
The over-the-counter (OTC) drug market is experiencing steady growth due to increasing demand for self-medication. The convenience and accessibility of OTC drugs make them a popular choice for treating minor ailments such as cough, cold, allergies, pain, fever, acidity, diarrhea, and skin-related conditions. However, concerns over substance abuse, incorrect diagnosis, and other health issues highlight the importance of proper usage and professional advice when using OTC drugs.
The OTC drug market is witnessing increased competition due to patent expiry concerns and the rising popularity of generic alternatives. Pharmaceutical companies are responding by focusing on innovation and strategic partnerships to maintain market share. The growing geriatric population and increasing B2C spending are also contributing to the market’s growth.
Key players in the OTC drug market include Abbott Laboratories, AstraZeneca Plc, Bayer AG, GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Novartis AG, Pfizer Inc., and Sanofi SA. These companies are implementing strategic measures such as alliances, partnerships, mergers, and acquisitions to capitalize on market opportunities.
A new study finds that drug company representatives visiting doctors leads to more prescriptions for cancer patients, but it does not result in longer survival. The researchers used Medicare claims data and the Open Payments database to track drug company payments to doctors and found that doctors prescribed about 5% more oncology drugs following a visit from a pharmaceutical representative. However, the study also found that the practice did not make cancer patients live longer.
