GDP Blog

Seth Denson

Seth is the Co-Founder & Chief Strategist at GDP Advisors. In addition to his role at GDP, he is an author, public speaker and a regular commentator for numerous media outlets including Fox News, ABC, CBS, and NBC. He is the author of The Cure: A Blueprint for Solving America’s Healthcare Crisis, a regularly published contributor to a number of print and online publications, and a highly sought after keynote speaker on topics ranging from business to healthcare to politics and even fatherhood. Originally from Midland, Texas, but with experience in markets throughout the United States, Seth blends metropolitan thinking with straightforward West Texas business ethics. He has served as a consultant for companies ranging from Fortune 500 organizations to privately held organizations and is a founding board member of ParadigmRe, a U.S. based health reinsurance captive.
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Recent Posts

The Investment Doctor Will See You Now - Episode 4

Posted by Seth Denson

Apr 20, 2020 9:24:30 PM

Seth Denson of GDP Advisors was joined by Antonio Valente, Senior Partner at the Penn Valente Group to discuss the markets and what you should be doing with your money. Hot topics like such as "Will the markets recover?" or "Should I cash out my 401k?"

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The Doctor Will See You Now - Episode 3

Posted by Seth Denson

Apr 14, 2020 7:52:29 PM

Seth Denson of GDP Advisors was joined by Dr. Robert Rankins III, doctor at the Paris Regional Medical Center,  to continue their discussion on Covid-19, and go over some specific questions. People are concerned about whether you can catch the disease a second time, what specific symptoms should they be concerned with, and how best to protect them and their families.

 

Happy Good Friday!

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The Tax Doctor Will See You Now - Episode 2

Posted by Seth Denson

Apr 14, 2020 7:08:40 PM

Seth Denson of GDP Advisors was joined by Joshua Jenson, known as JJ the CPA, with a special twist of the Tax Doctor Will See You Now. JJ is here to talk about the PPP loans, and the CaresAct, and how it's going to affect yourself and businesses.

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The Doctor Will See You Now - Episode 1

Posted by Seth Denson

Apr 14, 2020 3:22:02 PM

Seth Denson of GDP Advisors was joined by Dr. Robert Rankins III, doctor at the Paris Regional Medical Center,  to discuss COVID-19, known more colloquially as the "corona-virus."  Dr. Rankins is here to answer some common questions we all have about this, questions like: do masks and gloves work? Is my child going to catch this from hanging out with their friends? Can I catch this from eating out at a restaurant or drive-thru?

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THE U.S. ISN'T PREPARED TO FIGHT THE NEXT CORONAVIRUS

Posted by Seth Denson

Mar 23, 2020 8:02:45 AM

While the global health concern surrounding coronavirus is laser-focused on finding a vaccine, the average U.S. citizen and consumer of “tips on how to combat the spread of coronavirus” is unaware of the severe incapacity of the U.S. to manufacture, in bulk, the amount of vaccines necessary in this (or any future) health crisis.

Rx Blog Image COVID

In order to make a vaccine, active pharmaceutical ingredients (“API”) are necessary. Currently, 90% of all active pharmaceutical ingredients utilized by U.S. drug manufacturers are made in China with one notable exception, Pfizer, who has three U.S. based API manufacturing facilities. Because of this, Pfizer, according to a spokesman, is able to manufacture their products with less than 2% of their API’s coming from China[1]. But it’s not just vaccines; additionally, it’s estimated that 97% of all antibiotics come from China as well[2].

Meanwhile, with U.S. pharmaceutical companies quietly outsourcing the health and safety of our citizens with nary a whimper from the average American consumer, we are now faced with a dual problem.

First, capacity. Even if the United States were to develop an effective vaccine to the coronavirus, we are fully reliant upon China to give us the API necessary to mass-produced it. There is nothing in the current coronavirus legislation which addresses the need for rapid, mass drug production.

Second, security. Even if the United States were to negotiate – to have the major drug companies like Roche or Johnson & Johnson bring back the drug supply chain – what incentive is there for drug manufacturers to do so? With pharmaceutical spending projected to reach $500 billion in U.S. by 2020, drug companies have, and will continue to generate massive profits by outsourcing API manufacturing to China. This is why President Trump’s re-calibration of the relationship between the U.S. and China was so necessary.

Furthermore, manufacturing is not just about creating jobs, even though for a politician this is often the most important. Manufacturing is also about having in place the processes necessary for national security when it is tested. We needn’t look further than World War II to find a perfect example of this.

During the Second World War, America (not China) was the world’s largest industrial manufacturer. As a result, American industry provided almost two-thirds of ALL the Allied military equipment produced during the war. Then, in the four years of American engagement in World War II, American industrial production DOUBLED in size[3] . The U.S. defeated Nazi-ism because the U.S. didn’t have to rely upon another country to help them build the tools needed to eliminate Hitler.

This is most definitely not the case today as we face a pandemic.

Today, China is number one in the world in terms of manufacturing output with $2.01 trillion generated by that sector in 2018. Meanwhile, the United States is in second place, lagging $200 billion behind with only $1.867 trillion. Twenty-five percent of this valuation is due to U.S. pharmaceutical industry.

As we continue to focus on combating coronavirus no

w, we should also prepare to fight coronavirus and/or the next health pandemic in the days to come by ensuring we bring API manufacturing back onshore in the U.S. Washington, D.C. knows another global pandemic will arise. The question is how do we ensure the U.S. the best prepared when it does?

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Topics: pharmaceutical, COVID19, COVID-19, China, coronavirus

TRACTION or TALK: The Impact of the Administrations Approach to Prescription Drugs

Posted by Seth Denson

Feb 13, 2019 7:24:12 AM

When it comes to health care, targeting the cost of Prescription Drugs has become to the Trump Administration what the ACA was to the Obama Administration – its primary focus. Since his inauguration, President Trump has continuously challenged the pharmaceutical industry, even appointing Alex Azar, a former Big Pharma Exec, to head the Department of Health and Human Services. During his recent State of the Union address, the President continued his rallying cry stating, “It is unacceptable that Americans pay vastly more than people in other countries foPrescription Drugsr the exact same drugs, often made in the exact same place. This is wrong, this is unfair, and together we will stop it. We will stop it fast,” he said. However, when it comes to prescription drugs, the Administration may be reaching the limit on what it can do on its own and ultimately will need Congress to pass new legislation to move the needle much further. Recognizing this, the President went on to say in the SOTU address when referring to prescription drugs, “I am asking the Congress to pass legislation that finally takes on the problem of global freeloading and delivers fairness and price transparency for American patients.” But Congress may be faced with a challenge when addressing this issue, as the most common approaches aren’t without their possible political ramifications. For example:

  • Allowing Americans to import cheaper drugs from Canada may be a challenge as it could be seen as undercutting U.S. jobs;
  • Tying prices in the United States to what companies charge in foreign countries could be seen as price fixing; and
  • Allowing the U.S. Government to negotiate costs in Medicare Part D may prove difficult because of the ultimate power of Pharma lobbying.
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Topics: prescription drugs, Trump, congress, pbm, costs, hhs, big pharma, pharmaceutical, legislation

THE ECONOMIC PRINCIPAL IN HEALTHCARE

Posted by Seth Denson

Feb 4, 2019 7:17:15 AM

Economic Principal HealthcareSo often while talking with employers, we find that when it comes to providing health insurance to their employees, they think of this process as a transactional one rather than one of continued engagement. We will regularly refer to this as the ‘Transactional’ approach vs. the ‘Asset Management’ approach (more about this later). Don’t get me wrong, insurance has been long thought of in a transactional manner. Most insurance advertising is just that – transitionally based (i.e. 15 minutes can save you 15% etc.). When it comes to health insurance; however, employers have seen a very different result over the past decade than they have when comparing other types of insurance. While the traditional Property and Casualty markets have had what we refer to as soft market times and hard market times (soft being where the carriers are much more aggressive in their pricing vs. hard markets where they are not), rarely do we see soft markets when it comes to health insurance. This is largely due to the fact that health insurance really is no longer insurance at all rather it has become healthcare financing with some risk pooling involved.

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Topics: healthcare, Health Insurance, underwriting, economics, differentiation, pbm, costs, premiums

MEDICARE FOR ALL: Good POLICY or Good Politics?

Posted by Seth Denson

Jan 18, 2019 7:02:21 AM

During the most recent mid-term elections, Healthcare continued to rank atop the list of those things most important to Americans. According to Gallup, 80% of Registered Voters listed healthcare as either extremely or very important, followed closely by the Economy and Immigration both at 78 percent. Medcare for allWith Republicans failing to do anything comprehensive regarding health care during their recent control of both houses of Congress as well as the Executive branch, the U.S. finds itself once again in a discussion around the government’s role in solving America’s health care crisis. Among the solutions most touted by Democrats is the idea of a ‘Medicare for All’ platform.

According to Vermont Senator Bernie Sander’s, the most outspoken legislator leading the charge for Medicare for All, “Health care must be recognized as a right not a privilege for every man, woman and child in our country regardless of their income. The only long-term solution to America’s health care crisis is a single payer national health care program.”

No question that in America, something should be done to insure that every citizen has access to quality affordable health care, how we accomplish this may be a bit more complex than the broad brush of ‘single payer.’ While the idea of nationalized medicine might sound good to many Americans and makes for a good talking point on the cable news talk shows, when it comes to government run healthcare, the devil may most certainly be found in the details. Our team at GDP Advisors reviewed ‘Medicare for All’ (specifically the plan outlined by Senator Sanders), and have compiled our thoughts and opinions on the measure.

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Topics: healthcare, healthcare reform, health care, medicare for all, congress

2019 Drug Prices = A Bitter Pill to Swallow

Posted by Seth Denson

Jan 3, 2019 5:20:32 PM

It was reported this past week that more than two-dozen drug manufacturers are planning to raise the list price of many of their products in early 2019. On the surface this seems to be a delayed ‘slap in the face’ at President Trump who has made lowering the cost of drugs a primary objective. Many of these same manufacturers had announced back in mid-2018 that they had intended to raise prices; however, following public shaming from the White House later relented, stating that they would delay those rate hikes until 2019, and now it appears that those chickens have come home to roost.

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Topics: Cure for Healthcare, prescription drugs, Trump

Déjà Vu All Over Again: The Recent Ruling On the Constitutionality of the ACA & What Comes Next

Posted by Seth Denson

Dec 18, 2018 1:20:13 PM

The past Friday, on the eve of the last day of the 2019 Open Enrollment season for the ACA’s Federal Marketplace, Americans have found themselves, yet again, at another legal crossroads concerning health care in the United States. According to a ruling issued by U.S. District Judge Reed O’Connor, due to the elimination of the penalty surrounding the Individual Mandate as a result of the Tax Cuts and Jobs Act of 2017, the Affordable Care Act is unconstitutional. While the fall out of this decision has yet to be determined and for the time being, both Health and Human Services along with the White House have stated no immediate changes will occur as a result of this ruling, appeals have already begun and as such, the ACA will once again end up in the Supreme Court.

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Topics: ACA, Obamacare, SCOTUS, Supreme Court

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