Pharmaceutical Industry Case Study

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The pharmaceutical industry produces drugs for both diseases and medical conditions. There are three types of drugs; curable, preventative and palliative. Pharmaceutical companies spent an estimated 51.1 billion in 2013 to discover and develop new medicines. More than 300 new drug products were approved by the FDA in the last decade. Now 2900 different drugs are in the process of being studied in the US. (http://www.phrma.org/about#sthash.yWixx0ku.dpuf) Before release for consumption, these drugs must be approved for use and follow a variety of laws and principles concerning the testing and safety of each individual drug. Funding is the main social factor in the pharmaceutical industry and has a huge effect on research. New pharmaceutical products in the US have to be officially approved by the FDA for both safety and effectiveness. Drug researchers are in the process of discovering new and improved designs of drugs that satisfy customers to make these drugs more desirable to consumers. The pharmaceutical industry sometimes misleads the general population into using drugs that may be harmful. Just like in other industries, pharmaceutical companies assemble products that would sell for a profit so that the company survives and becomes successful. Recently, there have been repetitive claims and findings that clinical trials from pharmaceutical industry report only positive outcomes for ideal financial results. Lately, there have been findings with legal issues concerning pharmaceutical products. Now, certain companies have been scrutinized much more closely than ever before by consumers and, more importantly, government agencies. Drug innovation and development is expensive and only a small percentage of discovered compounds beco... ... middle of paper ... ...ould have gotten more money for drug research if people in third world countries were not poor. Researchers today are having trouble funding orphan drugs. Orphan drugs are drugs that are for diseases that are rare. There is pressure for developing these drugs because researchers can develop them but there is a huge financial problem that the researchers undertake. If researchers develop a drug for orphan patients, the researchers might not get a profit from the drug. Today, in this world, the only thing that people care about is their money. People would do anything to get that extra bonus on their salary. Funding is the main social factor for pharmaceutical industries and has a huge effect on research. Developing and improving drugs is expensive and research time can be limited. These are some of the social factors that go into pharmaceutical industry research.

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