In the past, they had to rely on their channel members which are healthcare professionals to reach consumers. As the case has indicated they now communicate directly with their target market. • This practice can be unethical toward the patients because the amount of money spent on promotion by pharmaceutical companies to advertise
FRANK R. LICHTENBERG, The Impact of New Drug Launches on Longevity: Evidence from Longitudinal, Disease-Level Data from 52 Countries, 1982–2001, International Journal of Health Care Finance and Economics, 2005;5, 47–73. 9. Joseph A. DiMasi, « Price trends for prescription pharmaceuticals 1995‐1999 », report prepared for the Department of Health and Human Services’ Conference on Pharmaceutical Pricing Practices, Utilization and Costs, 2000, disponible à
(2007). Preasdmission predictors of PharmD graduates’ performance on the NAPLEX. American Journal of Pharmaceutical Education, 71(1), 1-7 McCall, K., Allen, D. & Fike, D. (2006). Predictors of Academic Success in a Doctor of Pharmacy Program. American Journal of Pharmaceutical Education, 70(5), 1-7.
In the modern world of medicine, large pharmaceutical companies have often been part of a strong debate. The controversy concerning Big Pharma is about the marketing malpractices used by these large pharmaceutical companies that have resulted in negative implications for consumers. In James Le Fanu’s book, The Rise and Fall of Modern Medicine, the existence of secrets held by the drug companies is highlighted. These secrets can be broken down into a group of four: (1) Drug companies underestimate side-effects that are dangerous to consumers, (2) Drug companies control the information doctors receive, (3) Patients are prescribed drugs they do not need, and (4) Drugs target symptoms, not causes. The Big Pharma controversy encompasses these secrets, which revolve around the pharmaceutical companies, government, consumers.
The process of innovation in the pharmaceutical industry has been supported by forming a competitive environment for the original products. The original patent drug usually has a monopoly position and the company tries desperately to maintain this position as long as possible. Over the years there have been several practices employed by these pharmaceutical companies to delay the introduction of generics in the marketplace, in fact there has even been legislation on this issue, most notably in 1984 and 2... ... middle of paper ... ... the flow of generic drugs into our marketplace. The US government believes that the flow of these generics, not all of which are approved generics for use in the US, is dangerous to the population and must be stopped. Canada, Israel, and many Asia-Pacific countries produce generic alternatives to US based patent drugs which violate US law.
For those providers hoping to become a global supplier, regulatory policies become even more significant barrier to entry due to the complexity of navigating regulatory policies that vary from country to country. The cost of ensuring compliance with all of the regulations is additional contributor to the barrier of entry. Lastly, considering all the costs, what makes it even harder to enter is the fact that often prices of the products aren’t set by market supply and demand, but by government policies that serve the purpose of perhaps reducing the healthcare burden on people in need. (ibis
Pharmaceutical Executive, 33(12), 16-20. Zimmerman, A. (2013). Finding more value in pharmacy benefits: five trends that matter. Benefits Magazine, 50(6), 28-33.
What is a pharmaceutical company’s main objective? You might think it is to cure people of illnesses or even make people healthier. However new research and public information shows that while they work in health care health is not what they are starting distribute. “A pharmaceutical company, or drug company, is a commercial business licensed to research, develop, market and/or distribute drugs, most commonly in the context of healthcare. They can deal in generic and/or brand medications.” Although they are a vital part of any economy and health field there are many problems with in the medical industry such as (a) the focus of money, (b) drug abuse, (c) over consumption and (d) severe side effects.
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.