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What financialisation is doing to access to healthcare: price and value of medicines in financial capitalism

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  • Samira Guennif

    (Université Sorbonne Paris Nord)

Abstract

The article offers a review of the literature describing the embeddedness of financialisation in the innovation practices of pharmaceutical companies and its impact (Whitacre, 2024), through the prism of the accessibility of medicines. The argument is that financialisation is leading to a change in the business model of the pharmaceutical industry, marked by the transition from a broken ‘novo drug model’ to the gradual affirmation of a drug repositioning model, enabling more efficient management of the product life cycle. In doing so, and in order to maximise shareholder value, the pharmaceutical industry is abandoning the blockbuster model in favour of the nichebuster model. The latter favours the repositioning of drugs, intended for restricted patient populations, marketed at very high prices and generating substantial profits. This model thus accentuates the inaccessibility of drugs, which in a few decades has become a major global issue.

Suggested Citation

  • Samira Guennif, 2025. "What financialisation is doing to access to healthcare: price and value of medicines in financial capitalism," Review of Evolutionary Political Economy, Springer, vol. 6(2), pages 273-298, July.
    • Handle: RePEc:spr:revepe:v:6:y:2025:i:2:d:10.1007_s43253-025-00156-2
    DOI: 10.1007/s43253-025-00156-2
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    JEL classification:

    • I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
    • K2 - Law and Economics - - Regulation and Business Law
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

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