Fools on Errands

Wanting one's cake and eating it too is a common syndrome in humans. In corporations, it's epidemic. With all the chatter about the US's healthcare expenditures being the highest, and general population health nowhere near that, high amongst that chatter is that "it cost $X billion to get a new drug to market!!" I'm among those who blame drug companies for continuing to throw good money after bad. After all if they didn't, the CxO class wouldn't be able to keep their million dollar sinecures.

Today Alkermes reports it's latest trial bit the big weenie. Or, as Adam Feuerstein put it:

Alkermes argued Thursday that hints of efficacy in the failed clinical trials means ALKS 5461 isn't dead yet. A third phase III study in depression is still underway.
...
"We are steadfast in our commitment to developing new medicines for serious CNS conditions where there is a clear and compelling need for new treatment options for patients and their families," said Richard Pops, Alkermes CEO, in a statement.

IOW, "I'll keep beating this dead horse until my second house in the Hamptons is finished". Oh, and the company is really in Waltham, MA, but inverted to Ireland in 2011. So, you the taxpayer get to pay for that house even more directly. Failure couldn't happen to a better bunch of knuckleheads.