Pharma company vows to plough profits back into R&D
pharmafile | November 30, 2015 | News story | Sales and Marketing | Australia, R&D, breast cancer, profits, sales, social enterprise
An Australian pharma company has adopted a social enterprise model in order to be able to donate 100% of its profits to medical research and patient support in Australia.
For Benefit Medicines (FBM) is the first Australian pharma company to adopt the business model. As a social enterprise, it is set to challenge the conventional for-profit pharma business model, by distributing all the profits from the sale of its two generic aromatase inhibitor drugs, anastrozole FBM and letrozole FBM, which are both used for the treatment of breast cancer.
All the profits generated from the sale of two breast cancer drugs will be distributed via the FBM foundation to Breast Cancer Network Australia (BCNA) and Breast Cancer Institute of Australia (BCIA). BCNA supports over 100,000 Australians affected by breast cancer. The BCIA supports clinical trials research for the treatment, prevention and cure of breast cancer.
Christine Nolan, who is chief executive of BCNA says: “An estimated 15,600 women will be diagnosed with breast cancer in Australia this year, while the projected number of deaths from the disease will exceed 3,000.
“While fundraising constitutes the mainstay of our revenue, having an initiative that provides a constant, daily stream of financial support, is both remarkable and warmly embraced.”
According to Professor Bruce Maan, director of the Brest Service at Royal Melbourne and Royal Women’s Hospitals, and board member of BCNA and BCIA, the concept of a for benefit pharmaceutical company is long overdue. He told local Australian press that patients stand to significantly benefit from this kind of initiative.
“FBM is pioneering a new era of social enterprise in pharmaceutical healthcare in which companies will operate exclusively for social causes, patient benefit and medical innovation. By choosing a FBM product, the medical community will be investing in local patient support programs today and facilitating medical research to improve treatments tomorrow.”
Annual sales of aromatase inhibitors in Australia exceed AUS $20 million (£9.5 million) and the generic segment of the class compromises approximately 50% of the market share. FBM plans to raise millions of dollars for patient support and medical research for the Australia’s third most commonly diagnosed cancer.
Yasmita Kumar
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