Assignment on the Pharmaceutical Industry
Added on 2020-12-18
14 Pages3353 Words444 Views
INDUSTRY REPORT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Pharmaceuticals and Sustainability.............................................................................................3Challenges faced by Pharmaceutical industry in ensuring sustainability...................................4Opportunities for Pharmaceutical industry in sustainability.......................................................5Corporate Social Responsibility in Pharmaceutical Industry......................................................6Industry's Stakeholders and its future.........................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONToday, Pharmaceuticals industry play an important role in providing required healthcareoptions to individuals across the globe. The industry is known for developing, producing anddiscovering drugs which are used as medications. The companies which arrive in Pharmaceuticalindustry deal in brand or generic medications and medical devices. The below report identifiesthe pharmaceuticals' industry's current operational and strategic opportunities and challenges inthe field of sustainability (Gereffi, 2017). Along with it, the report discusses in what the industrycan remain sustainable in the contemporary global economic and political context. MAIN BODYPharmaceutical industry is known for discovering, producing and helping the drugsworldwide. These drugs are pharmaceutical drugs or marketed drugs which are used byhospitals, doctors, clinics, patients across the globe for well-being. The industry's main objectiveis to provide the people with drugs to cure their diseases. The drugs are either taken as a form ofa medicine, or taken as a vaccination in order to eliminate the disease or its symptoms. The drugswhich are produced in pharmaceutical industry are subject to a variety of regulations and lawswhich govern the testing, patenting, efficacy, safety and marketing. The industry started picking up pace in selling of medications and drugs on a global levelsince World War 1. After the world war, a lot of people required treatments and healthcarefacilities due to the impact which the war has brought upon them (Khanna, Guler and Nerkar,2016). This created a huge demand of medication and drugs worldwide and the industry saw anopportunity to provide and sell required drugs to a mass level to the people which who are inneed and earn enormous profits. In its initial times, the industry was producing morphine mostlybecause it relieved pain instantly and provided relief to the patients. The usage of morphine was on a rise in late 1800 and the industry was becoming one ofthe largest growing industries in the world at that time. It also created problems for the industrywhen it saw that morphine (which is produced from Opium) is used by a number of people inbad activities as well. The pharmaceutical industry started facing a lot of issues and thegovernment of countries such as United Kingdom and United States sealed the factoriesproducing morphine in order to deal with the situation.1
(Source: Introduction to pharmaceutical industry, 2015) As per the above illustration, it can be seen as the health expenditures of the governmentin countries with low income group is 10.8% which is above average. The Lower middle groupof countries are having 9.8% of government budget. The countries with upper middle incomegroup of people are at 11.7% and with high income groups is 14.0% which is above average. Theaverage global percentage is 11.5%. Later, when physicians and scientists all over the world saw an increase in diseases andbad healthcare. The pharmaceutical industry decided to pay attention to each and every diseaseand start making drugs as per the particular requirements while considering the governmentslaws and implications. Today, pharmaceutical industry is the world's largest industry. Itsworldwide revenue is $980 billion/year. It is greater than 5000 companies worldwide and itslargest market is United States which makes its 40% of the sales worldwide. 2Illustration 1: Health Expenditure as per the government budget of United Kingdom
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