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Pharmaceuticals

In: Business and Management

Submitted By sakshimanocha
Words 1954
Pages 8
INTRODUCTION
Pharmaceuticals industry has a key role in manufacturing and developing new vaccines and drugs with an objective to improve life and prevention of diseases. Pharmaceutical industry have involvement in research and development, dealing in research and generation of new drugs, bulk manufacturing involving production of already existed drugs and in marketing. In spite of the fact that pharmaceutical industry is subjected to high risk and challenging business conditions as compared to any other industry. It has made tremendous contribution in improving global health. (IFPMA, 2012)
“ Pharmaceutical industry spends more on research and development, relative to its sales revenue, than almost any other industry in the United States. According to various estimates, the industries’ real spending on drug R&D has grown between threefold and six fold over the past 25 years and that rise has been closely matched by growth in drug sales”(CBO, 2006). The research and development based pharmaceutical industries invest billions of dollars for development of a single drug and on an average the annual spending by the pharmaceutical industry is five times greater than that of the aerospace and defense industries, 4.5 times more than that of the chemicals industry, and 2.5 times more than that of the software and computer services industry”(IFPMA, 2012).

IMPACT ON GLOBAL HEALTH & ECONOMY
Pharmaceuticals research and drugs showed a remarkable performance in improving life, increasing life expectancy, eradication of diseases etc. With the global elimination of the diseases like small pox and the regional elimination of disease like polio from the countries like India and measles in Africa, saving about 2 million lives every year. Also cutting the death due to measles by 68% marking reduction of 91% in Africa. With the advancement in drug industry,

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