New research suggests that doctors need to charge more to be successful.
The study involved giving people a placebo (sugar pill) pain killer and administering a small electric shock. Half the participants were given a brochure describing the pill as a newly-approved pain-killer which cost $2.50 per dose and half were given a brochure describing it as marked down to 10 cents, without saying why.
In the full-price group, 85 percent of subjects experienced a reduction in pain after taking the placebo. In the low-price group, 61 percent said the pain was less.
The researchers concluded that “The placebo effect is one of the most fascinating, least harnessed forces in the universe”
Journal of the American Medical Association, March 5
Editors comments:
High end corporate consultancies also use the placebo effect.
Several weeks ago I attended a stress seminar run by a high end consultancy. Several hundred people attended the seminar and all were very positive about the program. Unfortunately most of the material was based on obsolete research.
So how do they get away with it - the registration fee was over $1000 per person and as a consequence people assume they are getting the best possible advise (treatment) - doesn’t that sound like the placebo effect.