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Departing Words: Merck’s Ken Frazier Cautions Against Profit Maximization

 
• By Sarah Karlin-Smith

Pharma CEOs must balance optimizing access and profitability, former Merck CEO and soon-to-be ex executive chairman of the company said. Frazier says health care industry must come to table and admit the “system ain’t working,” talks about the need to protect democracy, in a sweeping interview at the STAT Summit.

Kenneth Frazier, Chairman of the Board and CEO of US pharmaceutical company Merck looks on during an event with the French-American Foundation in Paris on July 11, 2018. (Photo by ERIC PIERMONT / AFP) GettyImages-996036844
• Source: Eric Piermont/AFP via Getty Images

Drug industry CEOs must operate differently than the leaders of other businesses due to the role of medicines and ethics around medicine, said Merck & Co., Inc.’s outgoing executive chairman and former CEO Ken Frazier in a 16 November interview just two weeks ahead of his retirement from the pharmaceutical company.

“My personal view is that pharma CEOs can’t simply take the attitude that they are going to maximize financial outcomes,...

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