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

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,...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required

More from Leadership

Leo Lands Another Big Pharma Pact With Boehringer Spevigo Deal

 
• By 

Paying €90m upfront for rights to generalized pustular psoriasis drug.

Executives On The Move: New CEOs At Outlook Therapeutics And Peptomyc

Recent moves in the industry include C-suite changes at Essential Pharma, plus Kyverna Therapeutics gets new chief financial officer from Alector.

Kris Joshi Named Norstella CEO, Prioritizes AI Innovation

 
• By 

Joshi joins the parent company of Citeline, which houses flagship publications Scrip and Pink Sheet, to focus on AI, business harmonization and long-term growth.

How Teva Is Expanding Innovation To Fuel ‘Pivot To Growth’

 

Teva VP-global R&D and chief medical officer Eric Hughes talked to Scrip about building the company’s innovative pipeline in its growth-acceleration phase.

More from Scrip

Pipeline Watch: Ten Approvals And Two Phase III Readouts

Pipeline Watch is a weekly snapshot of selected late-stage clinical trial events and approvals announced by pharmaceutical and biotech companies at medical and industry conferences, in financial and company presentations, and in company releases and statements.

Quick Listen: Scrip’s Five Must-Know Things

 
• By 

In this week's episode: Merck & Co’s Verona acquisition; venture funding plummets in Q2; how Teva is expanding innovation; Apogee’s Phase II eczema win; and a look at India’s wave of licensing.

Capricor Gets Complete Response For DMD Cell Therapy

 
• By 

Seven weeks before its action date, Capricor got an FDA complete response for cell therapy deramiocel in DMD-related cardiomyopathy. It has a Phase III study nearing readout, though.