Industry and Regulatory Strategy
The generic drug industry provides the public with pharmaceutical alternatives to branded big name prescription drugs. "In 2010 alone, the use of FDA-approved generics saved $158 billion, an average of $3 billion every week."(Generic Pharmaceutical Association. 2011. P.1). With the continuing increase in health care expenditures and health insurance premiums for business and consumers; in 2011 premiums increased by nine percent (Abelson, Reed. September 27, 2011. P.1), and "with so many people relying on prescriptions, the cost implications loom large for the American public, health insurers, and government payers" (Kaiser.edu.org. N.D.P.1). Generic drugs must play a more prominent role in the U.S. health care profile, as such as CEO of the Generic Pharmaceutical Association (GPA), the organizations legislative push is toward patent reform which would call for generic drug competition within seven years of the name brand drug introduction. In so doing pharmaceutical prices would fall dramatically and consumers who must make the difficult choices between prescriptions and groceries would be spared this pernicious exercise.
The big name pharmaceutical firms rally against generic alternatives as poachers of their existing business. Certainly, these companies want to protect their profits; "pharmaceutical manufacturing was the most profitable industry in the U.S. from 1995 to 2002, and in 2008 it ranked third with profits after taxes of about 19%" (Kaiser.edu.org. N.D.P.1). Yet, patent protection for drug company products provides financial coverage for twenty years, a period in which these companies reap considerable profits. In many cases,
Pharmaceutical companies have been accused of obtaining a new patent on a slightly different version of a drug about to go off patent to extend their favorable market situation, and these patent protections have garnered criticism by some groups for limiting access to competition and making some life-saving medications unaffordable for patients. (Kaiser.edu.org. N.D.P.1)
The top 10 generic drug companies, names such as: Teva Pharmaceuticals,...
Recommended Pricing Strategies: As a pharmaceutical benefit manager, I have several primary stakeholders to whom I am responsible. These include: my organization, the employer as my client, the employees of the client as plan participants, the pharmacists dispensing the medications, and the pharmaceutical manufacturers and/or distributors. My job is to develop a plan that is profitable for my organization. I must also develop a plan that is cost-effective for the employer.
United Drug is a Dublin-based firm that describes itself as "a provider of outsourced commercialisation solutions to healthcare companies operating across three divisions." The three divisions are Healthcare Supply Chain; Sales, Marketing and Medical; and Packaging and Specialty. Supply Chain involves wholesaling, sales and distribution and sometimes manufacturing. The Sales, Marketing and Medical division includes as functions contrast sales outsourcing, sales force consulting, and healthcare communications. The Packaging and Specialty
Since its inception, the Food and Drug act developed into the Food and Drug Administration, which is responsible for oversight and administration of the rules. Once an application to test a new drug compound has been approved, it must pass a series of tests. Only about 23% of all drug compounds that enter into Phase I ever make it through this phase and into the second phase (Scherer, 2000). This
Corporate Social Responsibility in Indian Pharmaceutical Industry An Exploratory Study Outlook of CSR in India History of CSR in India Philanthropy in Indian Society Modern Form of CSR in Indian Society Profile of Indian Pharmaceutical Industry Rationale for Selection CSR Activities by Indian Pharmaceutical Companies Major Influences Over CSR Activities Scope of CSR Activities Comparison of Indian & Western Pharmaceutical Companies This research paper is concerned with the recent practices of Indian pharmaceutical companies in the field of corporate social responsibility. For
Japanese-American Biopharmaceutical Industry in the 21st Century Optimizing Ethical Drug Availability Between These Two Pharmaceutical Superpowers" The Japanese-American biopharmaceutical industry represents an ongoing international effort between the two top pharmaceutical markets in the world. These two economic powers provide consumers with a majority share of all pharmaceuticals produced in the world. However, a number of pharmaceutical products that are currently available to U.S. residents are unavailable to Japanese consumers. From a humanitarian perspective, this
Direct to Consumer Advertising HISTORY OF DRUG ADVERTISING THE DTC ADVERTISING PHENOMENON CREATING DEMAND DECEPTIVE ADVERTISING - A WOLF IN SHEEP'S CLOTHING CAUSE OF DEATH PROFIT UTILIZATION, PRICING, AND DEMOGRAPHICS LEGISLATION, POLITICS AND PATENTS LEGISLATIVE INITIATIVES REGARDING DTC RECALLED and/or DEADLY DRUGS In order to provide the most efficient method of evaluation, the study will utilize existing stores of qualitative and quantitative data from reliable sources, such as U.S. Government statistical references, University studies, and the studies and publications of non-profit
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now