The podcast delves into the FDA's decision to allow Florida to import drugs from Canada and discusses the differences in drug prices between the US and Canada. It also explores ethical dilemmas in global markets, the importance of transparency in drug pricing, and cybersecurity preparedness for finance leaders.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
US drug prices are much higher than in Canada due to lack of pricing mechanisms. Pharmacy benefit managers profit from negotiating rebates, driving up costs.
Importing drugs from Canada poses challenges due to market size differences. Shortages in both countries complicate reliance on Canada's drug market.
Deep dives
Rising Drug Prices in the US vs. Canada
Dr. Mariana Socal discusses how drug prices in the US are three to four times higher than in Canada, even for long-standing drugs. The lack of pricing mechanisms in the US allows for continuous price increases, often unsupported by changes in the drugs. Additionally, US entities like pharmacy benefit managers profit from negotiating rebates, leading to higher drug costs.
Potential Challenges with Importing Drugs from Canada
While importing drugs from Canada may seem like a solution to high US prices, challenges exist due to the disproportion between the US and Canadian pharmaceutical markets. This size differential could strain Canada's drug supply. Moreover, both countries face supply issues like shortages, complicating reliance on Canada's drug market.
Complexities in Business Ethics and Stakeholder Capitalism
Professor Allison Taylor explores the complexity of defining ethical business practices amid financial pressures. Despite calls for stakeholder capitalism, the demand for short-term shareholder value remains a significant challenge for leaders. Balancing diverse voices, employee activism, and reputational risks poses difficulties, as companies navigate the unpredictable nature of public perception and social media responses.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Dr. Mariana Socal, Associate Scientist at the Johns Hopkins Bloomberg School of Public Health, discusses the FDA’s decision to allow Florida to import prescription drugs from Canada. Alison Taylor, Professor of Ethics at NYU, talks about her book Higher Ground: How Business Can Do the Right Thing in a Turbulent World. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.