You know when you’re watching a movie and see bad things happen, and you KNOW it’s going to only get worse?
That has just occurred with a U.S. pharmaceutical company where they hiked their price of a lifesaving product to a level consumers claim is outrageous. Moreover, on national news the CEO primarily defended their stance.
How does anyone win in this situation? A fair question because:
- The CEO and company want the income;
- The company has a virtual monopoly with this product; and
- Consumers need the product, but they cannot afford to pay an average of $600 for something media are reporting was less than $100 in 2007.
This does not end well. But there is a way out. And it starts with the company determining what they REALLY want to accomplish.
It’s a hard pill to swallow, but I’ve seen other incidents where it’s the only way to salvage the situation, the brand and, perhaps, careers.