Pharmaceutical Industry

Essay by alayiah0912University, Bachelor'sA+, November 2006

download word file, 2 pages 3.0

Prospects of Pharmaceutical Industries

There are many businesses that we see on a daily bases come and go as the interest in the business begins to fade and people tend to move on the bigger and better thing. Then there are businesses that typically have a research department that is capable of getting out ahead of the curve to assure that the product the organization is putting out is of good quality. They ensure the quality of their product has substance for the consumers. Looking at the pharmaceutical industry, you can see that the research and development department has been ahead of the curve to continue to put out quality product.

In an article by Melissa Harrington titled Drugs-Industry Overview, discusses the future of pharmaceutical industries in the United States. The industry is facing considerable changes due to price discounting, weak foreign economics, increased use of generic and over-the-counter (OTC) drugs, and the prospect of increased governmental controls under health care reform.

A counter move for majority of the firms in the industry has been to restructure, which range anywhere from biotech and research and development companies to the consolidation and reorganization of some of the industry's largest companies. The manner in which the industry is adjusting is changing the market conditions, which helps to remain the leader in world industry sectors competitiveness and innovation. The research and development department has allowed the industry to double every five years since 1970. The pharmaceutical industry is not sitting back on its heels reaping the benefits of the successful start they have experienced when the business introduced in the United States. Through research, recent discoveries, such as a drug that eases the acute pain of migraine headaches and products used to treat Alzheimer's disease, reinforce the industry's belief that research and...