Question 5
The adoption of pradaxa is difficult as it interacts with various types of foods and regular monitoring of the drug for proper administration. Praxada is a newly introduced drug therefore, doctors continue to gain experience on its administration thus patients are opting to use other competing drugs like Warfarin. Market entry barrier poses a threat to the adoption of the pradaxa drug. Pradaxa being a newly introduced drug implies a high investment cost associated with its introduction to the market. The Federal government strictly regulates marketing registration of the drug and the authorization of the sale of these drugs. Many marketing risks associated with the drug poses some barriers as they inhibit or stimulate the adoption of the new researched drug. The pradaxa drug also faces the problem of patent protection duration since the administrative procedures take more time and this creates the barrier to quick adoption of the drug. Pradaxa drug is costly and this limits its adoption and improved sales in the local market since few people can afford to use it. The dosage accompanies specific food for it to be effective and through taking high dosage the patients seem to improve at a higher rate as compared to those who take small dosage (Leidner & galliers, 2003).
Question 6
From the above issues the development and marketing of pradaxa drug requires a strategic planning since it can take centuries to launch a newly developed drug in the market. The effectiveness of a drug reveals itself when tested on the patients and cures the described illness. Pradaxa is a drug used in the prevention of strokes and blood clot, and to ensure that the drug is effective on the patients a trial is made on more than ten patients with different levels of stroke and blood clot to find out the situation which guarantees its use. The drug faces stiff competition from other drugs like Warfarin in the drug market and this call for a solution to ensure that it makes the greatest sales. There are also competing companies like J&J and Bayer and Pfizer but their drugs fail to outdo pradaxa since they fail to overcome its strength. Presence of competition shows that the business is improving and the best way to ensure that the product is competing adequately in the market is through laying good marketing strategies. According to Hashad (2010) the marketing strategy is targeted to take three years with the first face being focused on the healthcare providers, the nurses, doctors and patients.
Direct-to-consumer (DTC) marketing of pharmaceuticals has grown increasingly in the past decade. The American public views prescription drug advertising for a wide range of medical conditions, including high cholesterol, depression, allergies, and erectile dysfunction. The Federal Food and Drug Administration (FDA) regulates the content of these advertisements. Critics also have taken the position that the advertisements garner unearned trust from the public, are misleading, and promote unnecessary use of prescription drugs for common problems associated with aging. Proponents counter that DTC ads help eliminate stigmas associated with certain medical conditions, give patients an active role in their health care management, and encourages the doctor/patient relationship. There have been calls for bans on DTC pharmaceutical advertising, but the practice is protected under a business’s right to free speech. Regulation changes, particularly requiring the FDA to pre-approve marketing campaigns before they are released to the public, may be one way to appease opponents, while protecting the rights of pharmaceutical manufacturers to advertise to the average American consumer.
In order to take advantage of this demand, five billion dollars is spent by the pharmaceutical industry on marketing each year. This marketing, usually in the form of advertisements, often distorts facts and makes the necessity for drug treatment seem greater.... ... middle of paper ... ... Washington, D.C.:
...ll help the company in selling generic drugs and provide affordable medications to its customer base.
Direct-to-consumer prescription drug ads are dangerous and can have serious effects on the health of the general public. In the article “Pros & Cons Arguments: ‘Should prescription drugs be advertised directly to consumers?’”, the pros and cons of the advertising of prescription drugs are compared. The negative aspects of these ads outweigh that of the positives. DTC prescription drug ads misinform patients, promote over-usage, and pressure medical providers. The counter side argues that these ads inform patients, create a positive impact on patient compliance with medication, and cause patients to confront their doctors.
Cambridge, MA – March 15, 2010 – Genetix Pharmaceuticals, a leading gene therapy company developing breakthrough treatments for severe genetic disorders, today announced the appointment of Nick Leschly as the President of the company, effective April 1, 2010. Leschly, who joined the company in 2004, will be taking over from Adam West who is retiring after 30 years with the company.
Why do consumers purchase specific drugs for various ailments, sicknesses or diseases they might have? Why do physicians prescribe certain drugs over competitive drugs that may be available to the public? Why is it that most of us can easily name specific drugs that fit the many ailments of today’s society? On the surface the answer might be as simple as good TV advertising or radio commercials or even internet adds. The truth of matter is the major pharmaceutical manufacturers own the patents on these drugs and this gives them all of the marketing budget and muscle they need to promote the drug and control the pricing. The incentives for larger pharmaceutical companies are very enticing and as a result, they don’t mind spending the time in clinical trials and patent courts to get their drugs approved. Some will even get patents on the process by which the drug is manufactured, ensuring that no competitor can steal the drug or the process. This protects their large financial investment and nearly guarantees a large return for their investors. Many consumer rights groups claim this is nothing more than legalizing monopolies for the biggest manufacturers.
In today days Atrial Fibrillation (AF) is the most common cardiac dysrhythmia that is often seen in clinical practice. There are 700,000 strokes in the USA each year and 15% of it caused by Atrial Fibrillation. For a long period of time warfarin was the only oral anticoagulant available in the US for patients with atrial fibrillation to prevent stroke events. Recently a new oral anticoagulants, including apixaban, dabigatran, and rivaroxaban have been developed and became available in the US for the stoke prevention and systemic embolism for patients with atrial fibrillation. Now, when all three new anticoagulants are available as an alternative to warfarin for the same indication, they make the health care providers question which agent is the best and for which patients. New agents have practical advantages over warfarin that has many limitations such as need for monitoring, regular dose adjustment, food and drug interaction and side effects. The major goal of the health care providers is to prescribe the safest and the most effective alternative drug and dose to each individual patient with AF. However, the approval for clinical use by the Food and Drug Administration (FDA) and the European Medicine Agency differ for anticoagulants and their dosages, and for the individual indication (Harenberg & Kraemer, 2012). Thus, more research needs to be done regarding the monitoring tools for new anticoagulant agents, and extend the use of these agents to other patient population.
This fact validates the incentive pharmaceutical companies have to get a patent and acquire more power. Pfizer encourages R&D because of the incentives and a desire to obtain patents to receive more profit. Pfizer has to promote itself to be successful, creating a brand image that consumers will trust. If the company can advertise successfully, more consumers will purchase their products. Pfizer must also be generating products efficiently in order to save and use existing resources, while manufacturing their products at low costs to stay competitive....
For a drug to get to market it must go through several stages of research and development (Abbott and Vernon). Starting with discovery research, preclinical testing on animals, three phases of clinical trials on humans, and finally FDA (Food and Drug Administration) approval (Abbott and Vernon). Out of several thousands of drugs only a few will make it to the FDA approval stage (Abbott and Vernon). Testing is a highly regulated, time consuming, and expensive process. From beginning to end the process can take fifteen years and less than one of five compounds will make it to market where it is still not guaranteed to succeed (Abbott and
Pfizer is the largest American pharmaceutical company and one of the largest pharmaceutical companies in the world. It competes with Merck and Glaxo, and markets such well-known medications as Celebrex and Viagra. However, the pharmaceutical industry as a whole has undergone changes in recent years with significant consolidation taking place and with increased scrutiny regarding the ways in which drugs are developed, tested and marketed. In addition, recent controversies have erupted regarding Merck's drug Vioxx, and Pfizer has been the target of unwanted publicity regarding its painkiller Celebrex. This research considers the strategic position of Pfizer, including its strengths and weaknesses as well as the opportunities and threats that it faces, its strategic priorities and the acquisition strategy that it might follow.
both the benefit and risk of all medication before approval.. In addition, FDA makes the labeling
The ability to become reflective in practice has become a necessary skill for health professionals. This is to ensure that health professionals are continuing with their daily learning and improving their practice. Reflective practice plays a big part in healthcare today and is becoming increasingly noticed.
Over the years the company has survived by focusing on its internal development in addition to a series of mergers, acquisitions, and corporate restructurings. Being a pharmaceutical company, the entire population is impacted: patients, physicians, employees, hospitals, and investors are some of the most important stakeholders. We first began our analysis of Novartis by evaluating the company’s strategic direction. Novartis’ mission statement is to care and to cure. They are a company that wants to discover, develop, and successfully market innovative products to prevent and cure disease, to ease suffering, and to enhance the quality of life.
1911 was the year NIVEA CRÈME was born. In fact, NIVEA CRÈME required the work of three resourceful men: Dr. Oscar, Dr. Isaac and Prof. Paul, not just one for its development. Dr. Oscar had acquired Beiersdorf in Hamburg from its founder Carl Beiersdorf in 1890. After a lot of research, they developed the first stable grease and moisture cream in the world – NIVEA CRÈME. It contained:
Pharmacists often work together in a team with other healthcare professional like physicians and nurses. In the process, pharmacists will give advice to them on the selection of medication, by providing the evidences based on the dosage form, the side effects and possible interaction with food of the medication. On the other hand, pharmacists also take part in research and clinical studies. Recently, pharmacists are recruited to conduct pharmacy-based research in pharmacies. (Swanson, 2005)