Reference no: EM1351743

Pharmaceutical industry future strength weakness competition

What are the prospects for the pharmaceutical industry going forward? What are the opportunities, what are the threats?

What must pharmaceutical firms do to exploit the opportunities and counter the threats?

Write a paper using APA format for references over the question listed above.

The industry conducts research, makes discovery, manufactures, gets patented and markets both generic and brand medicines under license from regulatory authorities (ADA).

Identification of new diseases and quest for their cure and prevention ensures a very bright and lucrative future for the pharmaceutical industry. It is one industry that is guaranteed to flourish till the dooms day. It is not restricted to manufacturing of medicines only but also various equipments used in research, diagnosis, surgical operations, orthopedic uses and use of items such as spectacles, power glasses, biotechnology, molecular biology, and dentures etc.

The industry has opened vast avenues for the ancillary professions and industries such as Medicare, biotechnology, medical technicians, pharmacists, well trained medical representatives, conducting seminars of eminent doctors from time to time, specialization in different medical and health related insurance schemes, publication of brochures, booklets, and books etc.
It is most desirable and high time that the industry and the Universities engaged in various researches may be in regular touch and be complementary to each other.

Similarly it is the need and demand of the day that the industry focuses to its social responsibilities also and not ever be profit motivated but people oriented as well.

Globalization, NGOs offering help to countries in the need of medicines, treatment and medical care have just thrust vast opportunities to the industry to produce quality products, reduce price, cooperate with governments to improve the health of masses world over. This industry owes a lot to the people and hence must pay back by way discharging its social responsibilities in a meaningful and beneficial way to poor who can't afford costly medicines and suffering silently with diseases like kidney, failure, cancer, heart ailment and HIV.

The threats can be overcome by educating masses about the hygiene, dangers of duplicate medicines, purchasing over the counter and make them realize that prevention is better than cure.