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Pharmaceutical Industry Stats & How to Report Pharma Fraud
The pharmaceutical industry is among the largest in the world today. Given the amount of money that’s invested in the research and development of drugs and medicine, this should come as little surprise. However, with how to report pharma fraud of the industry in question, it’s among the most prevalent in terms of fraudulent activity. Pharmaceutical fraud benefits companies at the expense of those that require said drugs and medicine to maintain a certain quality of life. Here are a few industry facts to know before you know how to report pharma fraud .

Pfizer is the top company in terms of overall revenue. The pharmaceutical industry is comprised of various companies, some of which are more notable than others. The names that the general public is most familiar with include Novartis, GlaxoSmithKline, Roche, and Johnson & Johnson. However, when discussing companies that generate the most revenue, Pfizer stands head and shoulders above the rest. Last year, Pfizer’s total revenue exceeded $81 billion, making it the top earner from a revenue standpoint.

Advertising is a big area of spending. When looking at the areas pharmaceutical companies put the most money into, advertising should be a major point of discussion. Case and point, from 2012 to 2018, direct-to-consumer advertising costs increased from nearly $4 billion to a little over $6 billion. Keep in mind that promotional efforts aren’t limited to traditional methods such as TV and print. Digital marketing has been on the rise as well, allowing companies to promote their products on social media, in search engine results, and the like. Thus, more money has been put into advertising over the years.

Drug development costs nearly $2.6 billion. This is a staggering statistic, to say the least, though it’s understandable when one digs deeper into the topic at hand. Research takes considerable time and effort, especially when clinical trials are brought into the fold and volunteers are needed. Furthermore, drugs need to be approved by the Food and Drug Administration in the United States before they’re made available to the public. However, SEO agency that funds needed for research won’t go where they need to. This is where fraud comes into play, motivating one to report pharmaceutical company fraud if they have the necessary information.

To properly report pharmaceutical fraud, however, it’s important to partner with a whistleblower attorney. This is an experienced individual that has helped clients report fraud in not only the pharma industry but other fields where fraud is prevalent, finance included. To properly file a case, a whistleblower needs concrete evidence, such as documents detailing fraud. Blowing the whistle on fraud can reward the whistleblower in question, not to mention protect the individual’s livelihood, minimizing the risk they may have felt.

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