What are the prospects for the pharmaceutical industry going forward? What are the opportunities, what are the threats?
What must pharmaceutical firms do to exploit the opportunities and counter the threats?
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The industry conducts research, makes discovery, manufactures, gets patented and markets both generic and brand medicines under license from regulatory authorities (ADA).
Identification of new diseases and quest for their cure and prevention ensures a very bright and lucrative future for the pharmaceutical industry. It is one industry that is guaranteed to flourish till the dooms day. It is not restricted to manufacturing of medicines only but also various equipments used in research, diagnosis, surgical operations, orthopedic uses and use of items such as spectacles, power glasses, biotechnology, molecular biology, and dentures etc.
The industry has opened vast avenues for the ancillary professions and industries such as Medicare, biotechnology, medical technicians, pharmacists, well trained medical representatives, conducting seminars of eminent doctors from time to time, specialization in different medical and health related insurance schemes, publication of brochures, booklets, and books etc.
It is most desirable and high time that the industry and the Universities engaged in various researches may be in regular touch and be complementary to each other.
Similarly it is the need and demand of the day that the industry focuses to its social responsibilities also and not ever be profit motivated but people oriented as well.
Globalization, NGOs offering help to countries in the need of medicines, treatment and medical care have just thrust vast opportunities to the industry to produce quality products, reduce price, cooperate with governments to improve the health of masses world over. This industry owes a lot to the people and hence must pay back by way discharging its social responsibilities in a meaningful and beneficial way to poor who can't afford costly medicines and suffering silently with diseases like kidney, failure, cancer, heart ailment and HIV.
The threats can be overcome by educating masses about the hygiene, dangers of duplicate medicines, purchasing over the counter and make them realize that prevention is better than cure.
What are the prospects for the pharmaceutical industry going forward?
Ever since the human being came into existence there has been need of drugs and medicines. From birth to minus last step to death man needs drugs. So long there is pain and disease man will need medicines. These two things cannot be eradicated. They in turn will enhance the opportunity for pharmaceutical industries.
After the Agricultural and Food and big Armament Industry this is the most important industry. This industry will always move forward. There are many diseases about which man did not know earlier though they were in existence. All the major companies, medical research centers, scientists are engaged in the research and development of drugs, identifying new diseases, their prevention and cure.
In this century also there are many countries where people do not know about diabetes, low and high blood pressure, fluctuation in blood and sugar levels.
Preston Mark a researcher at the TULANE University states that something happened in the 20th century that changed this relatively benign monkey virus into something that ...
The history of evolution of mankind has been closely associated with various kinds of ailments, maladies and diseases. Though existed but were not known in the past and have been identified gradually over centuries of research and experimentation. It led to manufacturing of various suitable medicines to prevent and cure them. The process continues.
Over a period of time it became a vast industry needing huge investment and at the same time bringing high profits to investors. Now multinationals in developed and developing countries are vying to mass produce the medicines for their home consumption as well export. Mass production enables the industry keep the price low and makes their products affordable for everyone. Costly ones in many countries are subsidized by the governments.
The industry and people face severe threat from the manufacturers of duplicate medicines. They are playing havoc with the lives of masses.
Another and a very serious problem is over the counter sale of dangerous drugs without being prescribed by a qualified doctor. Despite all the legislation, checks it is going on unabashed. Only self realization of the people of the adverse effects of uses of such dangerous drugs may check it.
The tendency of the doctors to prescribe a particular medicine under pressure and various lucrative abetments offered by the manufactures is also acquiring a serious proportion.
Once a product is launched a company is reluctant to withdraw a particular medicine even if it is gravely harmful to patients for fear of loss of profit, brand, company name and wastage of stock of already mass produced, in the process or at the raw-material stage. Pfizer brazenly continued to market its artificial heart valve stating that they have been repaired. It caused death of nearly 300 patients. Case of Vioxx is still fresh in mind which the company forced marketed despite loud outcry against its use