The pharmaceutical industry is a collection of businesses that research, develop, market, and manufacture prescription and over the counter drugs. This industry is responsible for the creation of the drug, ensuring drug safety for society, and most importantly, the expense of drugs. The cost of pharmaceutical drugs can be reduced by at least half if consumers buy generic versions when available and broadcasters cut the irrelevant ads and other expenses used during the early production of a drug.
In ancient times, early pharmacists used plants and minerals to cure sicknesses that formed in the community. Not until medieval times, however, did people begin to write down how to make these remedies. Along with the advancements in the branches of …show more content…
The global pharmaceutical market will have grown by six percent and will have over 1.1 trillion dollars in revenue (5). Over a billion dollars is spent in order to pay for patents, research, and advertisement on a new drug. Proper research on a drug in order to be approved by the Food and Drug Administration (FDA) can take anywhere from twelve to fifteen years. Only five out of ten thousand drugs make it to human and animal trials after being chosen (5). Out of those five only one of those drugs progresses on to be approved for public use (5). Due to the length of time and the extensive research required by the FDA, pharmaceutical companies must charge more for drugs in order to make a profit off of the new form of …show more content…
When brand name medications lose their patents, other companies are available to make cheaper versions, called generics, without paying for research and patents. Generic drugs made up sixty-five percent of prescription drugs distributed in 2000 in the United States according to the IMS Health (1). Brand name drugs cost thirty-eight percent more than generic versions. Brand name medications cost around nineteen to fifty dollars per pill, but a generic pill can cost up to seven dollars per pill (1). Original versions of medication increase by five dollars on average, whereas generics increase by cents at a time (1). In order to be approved safe for the public by the FDA, brand name and generic medications must have the same dosages, conditions of use, route of administration, strength and active ingredients. According to Brian Ellison, "We take every opportunity to explain to members the value of generics. We 're competing against direct-to-consumer drug ads, so we have to be consistent and unrelenting in our message to tell them generics are effective and save
In ancient times, early pharmacists used plants and minerals to cure sicknesses that formed in the community. Not until medieval times, however, did people begin to write down how to make these remedies. Along with the advancements in the branches of …show more content…
The global pharmaceutical market will have grown by six percent and will have over 1.1 trillion dollars in revenue (5). Over a billion dollars is spent in order to pay for patents, research, and advertisement on a new drug. Proper research on a drug in order to be approved by the Food and Drug Administration (FDA) can take anywhere from twelve to fifteen years. Only five out of ten thousand drugs make it to human and animal trials after being chosen (5). Out of those five only one of those drugs progresses on to be approved for public use (5). Due to the length of time and the extensive research required by the FDA, pharmaceutical companies must charge more for drugs in order to make a profit off of the new form of …show more content…
When brand name medications lose their patents, other companies are available to make cheaper versions, called generics, without paying for research and patents. Generic drugs made up sixty-five percent of prescription drugs distributed in 2000 in the United States according to the IMS Health (1). Brand name drugs cost thirty-eight percent more than generic versions. Brand name medications cost around nineteen to fifty dollars per pill, but a generic pill can cost up to seven dollars per pill (1). Original versions of medication increase by five dollars on average, whereas generics increase by cents at a time (1). In order to be approved safe for the public by the FDA, brand name and generic medications must have the same dosages, conditions of use, route of administration, strength and active ingredients. According to Brian Ellison, "We take every opportunity to explain to members the value of generics. We 're competing against direct-to-consumer drug ads, so we have to be consistent and unrelenting in our message to tell them generics are effective and save