Pharmaceutical companies must cease using promotional gifts, hospitality and funding of professional development programmes to market to medical professionals, according to a report that has been met with mixed reactions by various sections of the marketing industry.
The report, titled ‘Innovating for health: Patients, physicians, the pharmaceutical industry and the NHS' was released by a working party with the Royal College of Physicians (RCP) at its helm, and calls for greater transparency in the relationship between the pharmaceutical industry and medical professionals.
The 42 key recommendations made by the group aim to address patient's distrust in the doctor-pharmaceutical company relationship. Suggestions include ‘measures to restore patient confidence in medical independence', after the sampling indicated patient unease with the perceived close relationship between some doctors and pharmaceutical companies; and ‘decoupling the pharmaceutical industry from continuing professional development', to address ‘the widespread suspicions that drug promotion is carried out through continuing professional development'.
The report has come as a surprise to most industries affected, as a fairly regimented code is already in place, limiting gifts to those of practical use, with a value of no more than £6, and restrictions on hospitality. Major brands, including Pfizer, have already withdrawn their professional development funding programmes.
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Friday, April 3, 2009
Chrysler and Fiat Team Up
Chrysler says it has Fiat deal framework
Ailing automaker Chrysler LLC said Monday it has agreed on the framework for a global alliance with Fiat SpA, but that there were still hurdles to a definitive pact with the Italian automaker.The news came not long after President Barack Obama refused further long-term federal bailouts for General Motors Corp. and Chrysler LLC, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility of controlled bankruptcy for one or both of the beleaguered auto giants.
He said Chrysler’s situation is more perilous than GM's, and the government would give the company 30 days to overcome hurdles to a merger with Fiat SpA. If they are successful “we will consider lending up to $6 billion to help their plan succeed,” Obama said.
Obama questions viability of GM, Chrysler
WASHINGTON - President Barack Obama asserted unprecedented government control over the auto industry Monday, bluntly rejecting turnaround plans by General Motors Corp. and Chrysler LLC, demanding fresh concessions for long-term federal aid and raising the possibility of quick bankruptcy for either ailing auto giant.
Obama took the extraordinary step of announcing the government will back new car warranties issued by both GM and Chrysler, an attempt to reassure consumers their U.S.-made purchases will be protected even if the companies don’t survive.
“I am absolutely committed to working with Congress and the auto companies to meet one goal: The United States of America will lead the world in building the next generation of clean cars,” Obama said in his first extended remarks on the industry since taking office nearly 10 weeks ago. And yet, he added, “our auto industry is not moving in the right direction fast enough to succeed.”
2 million jobs lost so far in 2009
Unemployment rate spikes to 8.5%, a 25-year high, as 663,000 jobs lost in March. 5.1 million jobs have now been lost since the beginning of 2008. Employers trimmed 663,000 jobs from their payrolls last month, roughly in line with forecasts of a loss of 658,000 jobs, according to economists. First three months of the year, 2 million jobs have been lost, and 5.1 million jobs have been lost since the start of 2008, and between 600,000 and 700,000 more jobs will be lost in April, and that the best people can hope for is that the pace of job losses starts to slow down heading into summer.
Haverty Furniture 1Q same-store sales slip
Retailer Haverty Furniture Cos. said Thursday same-store sales fell 22.9 percent for the quarter as the housing downturn continued to weigh on results.
Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Total sales for the quarter ended March 31 fell 22.1 percent to $144.2 million from $185.3 million in the prior-year period.
"Retail sales for big-ticket home furnishings remain difficult as consumers look to conserve cash because of continued economic uncertainty," said Clarence H. Smith, chief executive officer.
Havertys is a home furnishings retailer with 121 showrooms in 17 states.
Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Total sales for the quarter ended March 31 fell 22.1 percent to $144.2 million from $185.3 million in the prior-year period.
"Retail sales for big-ticket home furnishings remain difficult as consumers look to conserve cash because of continued economic uncertainty," said Clarence H. Smith, chief executive officer.
Havertys is a home furnishings retailer with 121 showrooms in 17 states.
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