We got a good look at a projected decline in drug sales from IMS yesterday, and Amgen followed up by offering some solid proof with a 7.4 percent decline in its first-quarter revenue. Analysts say that the sudden slide is making new drug development more important than ever, significantly heightening the importance of the FDA's decision on Amgen's denosumab later this year.
The biotech giant said that a recession as well as competition has hurt income, with sales of the blockbuster arthritis drug Enbrel sliding a whopping 20 percent. With people looking to save money any way they can, says Amgen CEO Kevin Sharer, many are delaying visits to the doctor and refusing the pay some of the steep drug co-pays that have become common in health insurance.
"We now know that, for the first time, the biopharmaceutical industry is not exempt from these economic factors," Sharer told reporters.
- read the report from the Wall Street Journal