Pharmaceutical industry

POTENTIAL RISKS The pharmaceutical industry faces a variety of risks when releasing a new product into the market for consumers. The largest risk with releasing a new product to the consumer market is the potential for new discoveries on side effects with taking a medication. Even though years of research, development, and experimentation have occurred there is always a risk of finding new side effects that could make the product harmful for consumer consumption. Pfizer, like many other pharmaceutical companies start to market and promote a new medication once it receives the approvals from the Federal Food and Drug Administration (FDA). Millions of dollars are spent marketing a new medication from the point of FDA approval. It is important…

My research this week focuses on the case study Merck and the pharmaceutical industry, (De Wit, & Meyer, 2010). In the past, the pharmaceutical industry was an investors dream providing profits even in a volatile market, however this dominance was not overlooked. The government along with health insurance companies stepped in to control the growing costs of prescription drugs by buying in bulk, thus reducing individual costs, (De Wit, & Meyer, 2010). The competition is also playing a key part…

The pharmaceutical industry and its practices of testing, safety, and marketing have been a controversial topic among U.S. citizens. In the United States, pharmaceuticals are the most government regulated products, yet there is still no regulation on the cost of prescription drugs. The prices of medication can go up overnight if the company chooses, which I believe to be unfair and unethical. If a pharmaceutical company that manufactures something considered to be "life-saving", then I think…

The most important benefit of pharmaceutical drugs is the fact that it helps enhance one’s health. There have been great health outcomes from using the drugs. According to the U.S. Bureau of Labor Statistics (2012), the pharmaceutical industry has helped to develop and produce products that help treat a variety of diseases in which saving millions of lives and helping people suffering from diseases and illnesses to recover and lead more productive lives. In order to get these drugs to be sold to…

II. Industry Overview A. Industry Sector On average, Americans spend about $800 to $1,000 annually per person in purchasing pharmaceuticals; this translates to about 2.0% of total GDP of the United States. Given this, we see that the pharmaceutical industry plays a critical role in the everyday spending of consumers. The industry total revenue is currently valued at $1,140 billion and expected to grow at a rate of 4% in the next 5 years. The pharmaceutical industry is characterized by…

Chapter-1 Introduction to Indian Pharmaceutical Industry 1.1 Introduction The Indian pharmaceutical industry holding the top most position among all science based technology spread with wide ranging of technicalities in the complex field of drug manufacturing and drug innovations. The Indian pharmaceutical industry stands fourth in terms of volume and attained the fourteen in terms of value. Export of Indian pharmaceutical industry works as a fuel for the growth of the industry. The Indian…

The pharmaceutical industry has an issue that has been ongoing for years. The price of drugs are outrageous. Drug prices are unregulated and a lot of Americans are unaware of what pharmaceuticals do. They control the pricing of drugs that are prescribed to patients. In recent articles written by Andrew Pollack from The New York Times and Heather Long from CNN Wire, they discuss a similar topic but provide their information gathered from different perspectives. One takes the issue on whether it…

The pharmaceutical industry can normally be seen as a positive thing because of the goods they produce. They yield medication aiding individuals escape the sick role, and fulfill their social roles. However, the way they operate does not stem for the good of the people, but rather to gain profit. To begin with, pharmaceutical companies are incapable of operating without medical experts like doctors, nurse practitioner, and so forth, because they hold the power to prescribe drugs (Oldani, 2004,…

The Pharmaceutical Industry’s Decision Making Process Introduction This paper will explore the ways that pharmaceutical companies make decisions regarding disease research. The current hypothesis is that prospective profitability is the most prevalent and most important reason taken into account. If this is true, then many ethical issues could arise, including the unnecessary suffering of individuals affected, since there could be a chance that the companies are not researching certain diseases…

claims that there are more adverse reactions that benefits with the consumption of Vioxx. Throughout the documentary there is a push to explain why there should be a stronger screening process for drugs by the FDA before they are sold to the public. There is also a push to discredit some pharmaceutical companies. We are also told that the pharmaceutical industry basically rules everything in the medical field, which is very alarming. One of the first topics that are mentioned in the…