How a Pascale Client Did the Right Thing—and Reaped Big Rewards
The world was shocked in late September when Turing Pharmaceuticals CEO Martin Shkreli raised the price of a generic drug used by AIDS and cancer patients from $13.50 a pill to $750 – an increase of more than 5,000%. Daraprim is used by patients with compromised immune systems to treat toxoplasmosis parasitic infections, and the astronomical price hike left no good alternative for patients.
Outrage was quick and dominated social media for days as Turing and Shkreli drew heat from media, politicians, and celebrities that left the the pharmaceutical industry reeling.
Until a Pascale Communications client stepped up.
On October 22, Imprimis Pharmaceuticals, a creator of compounded pharmaceuticals focusing on ophthalmology, urology, and sinus drug therapies, introduced an affordable compound drug alternative to Daraprim.
$0.99 a pill affordable.
The response was huge across all media: Imprimis was praised for filling in the need created when Turing’s mind-boggling price hike made Daraprim inaccessible to patients. After Pascale Communications placed the story with the Associated Press, Business Insider, and Fierce Pharma, the news went viral and was picked up in hundreds of internet, broadcast, and print outlets around the country. Imprimis CEO Mark L. Baum made appearances on MSNBC’s All In With Chris Hayes and CBS Evening News.
By Thanksgiving week, when Turing Pharmaceuticals announced it would be cutting the price of Daraprim for hospitals only, Mark informed the Associated Press that Imprimis had already dispensed more than 2,500 capsules of the Daraprim alternative to taxoplasmosis patients.
The news kept getting better for Imprimis in early December when Express Scripts, the largest Pharmacy Benefit Management (PBM) company in the country, announced it would be covering the Imprimis compound in its formulary. Following that news, the price of Imprimis stock jumped 21%.
Not only is Imprimis on the cutting edge of making innovative compounded drugs available to customers, its Imprimis Cares initiative is driven by a mission of accessibility for all patients: www.imprimiscares.com.
We’ve been thrilled to partner with Mark and the Imprimis team every step of the way as this exciting story continues to develop. Mark returned the love, saying of his Pascale Communications team, “When things are calm and in times of chaos, the Pascale team has been there as a trusted partner in the execution of our strategic public relations effort. Their connections with media, physicians and patients really helped to tell our story.”
Cheers to Imprimis Pharmaceuticals for proving that doing the right thing can be very good for business!