Business Fundamentals - The impacts of globalization

BUSINESS
FUNDAMENTALS

Business Fundamentals 1
Executive summary
The impacts of globalisation are instantaneously posting and negative differs as per the
factors like geographic location, age, education level, ethnic origin and socioeconomic status.
The health community engage more directly in the current research and policy debates on the
globalisation. The globalisation inspires values which promote human health. Moreover,
globalisation procedure identifies that attending to health impacts reinforce the long-term
sustainability of the globalisation.
Growing healthcare spending has turned out to be a big prospect for globalization. The
globalization has led to providing the unique opportunities to the businesses worldwide. This
report comprises the significance of external environment on the business operating
conditions within the international context. The PESTLE analysis has been analysed
concerning to the pharmacy company of Australia. This analysis provide framework to define
the positive and negative impacts caused by the external environment (Sharma, Saboo and
Kumar, 2018). The regulatory framework of Australia incorporates several government
agencies and drug concerning laws. The increasing healthcare spending in the country has
turned out to be a big opportunity for globalization of the medical industry. The globalization
has created unique opportunities to businesses worldwide. The globalization follows an
erudite advertisement system that enables companies to interact with the users. The
supremacy of the pharmaceutical compliance enforcing industry in Australia has been
augmented due to reliability and unconventionality. The customers also demand high-quality
products at attractive prices. The operating conditions of the pharmaceutical industry has
been described in the report. The regulatory framework in Australia includes numerous
government agencies and drug concerning laws.

Business Fundamentals 2
Contents
Executive summary....................................................................................................................1
Introduction................................................................................................................................3
PESTLE Analysis affecting pharmacy industry........................................................................3
Conclusion..................................................................................................................................6
Recommendations......................................................................................................................7
References..................................................................................................................................8
Appendices...............................................................................................................................10

Business Fundamentals 3
Introduction
The globalization in the pharmaceutical industry is influenced by trends. The trends are
influenced by the trends driven by the technology, customers, distribution channels and
initiation of innovative offerings. The advancement in technology, strict regulatory controls,
expiry of the patents and unpredictable investor confidence has made the Australian
pharmaceutical industry quite tough and competitive. The health impacts of globalization are
concurrently positive and negative, differ as per the factors like education level,
socioeconomic status, and geographic location. The globalization in the pharmaceutical
industry has resulted in offering the greatest benefits with the least costs. The globalization in
the case of the Australian pharmaceutical industry has proved to be promoting human health.
The impacts on health have reinforced the sustainability of the globalization.
The positive impacts of the globalisation in the case of pharmaceutical industry has been
realised in the form of increased pathogen flows, increased information flows, increased trade
flows, increased financial flows, and increased people flows. The movement of people in this
concern is regarded to transport of pathogens. The development in the telecommunication has
designed the modern globalization. The globalisation in the pharmaceutical industry has
helped in enhancing health knowledge along with the technological innovation. The increase
in the trade flows has been enabled with economic integration. It has resulted in the
generation of new sources of wealth and health (Riley, 2017). The increased financial flow as
a positive impact of globalization has reorganized the production across the national borders.
On the other side, negative impacts of the globalization have been realised in the form of less
progress towards better health. It took place as a consequence of diffusion of medical
procedure.
PESTLE Analysis affecting pharmacy industry
The pharmaceutical has become global, products are sourced and manufactured from around
the globe, marketed and then sold to the large proportion to the world population. The
globalisation of the pharmaceutical industry is stated to the growth and expansion of
pharmaceutical companies into the international markets. The pharmaceutical companies are
known to research, manufacture, produce or market products like medicines, medical
equipment, health care services comprising insurance, patient care and biotechnology. In the
context of globalization, pharmaceutical companies are in the procedure of integrating and
cooperating pharmaceutical networks around the world (Hanson, et al. 2016). These