Essay about The Health Crisis Of The Pharmaceutical Industry

789 Words Sep 27th, 2015 4 Pages
We live within a health crisis of the highest degree-one that requires active participation of the pharmaceutical industry. Changes over the last 10 years as a result of the overall economic downturn, the rising cost of health care and the costs associated with the development and sales of pharmaceuticals is without a doubt a pressure which is shared collectively. With that, the pharmaceutical companies face a growing predicament. Clearly, the majority of disease burden rests on the development and production of new drugs while the vast majority of wealth resides in industrial, small business and sponsored efforts, these pharmaceutical companies struggle between humanitarianism expected and the responsibility to turn a profit.
The regulatory agencies are more sophisticated, capable, cautious and conservative in evaluating drugs than in the past. Consequently, their standards for approvals are significantly higher. This, in turn, is forcing pharmaceutical companies to test their new treatments in larger, more comprehensive and more costly clinical trials. The regulatory approval process is performed and overseen by the Food and Drug Administration (FDA). The FDA has many responsibilities. They ensure drugs are safe and approve or reject all new prescription and over-the-counter drug applicants, as well as, oversee the marketing and sale of drugs already on the market.
Before clinical (human) testing is considered, the drug sponsor develops a new drug compound and must…

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