This relationship has an effect on the payment rates that CMS sets. Higher cost pharmaceutical therapies are systematically reimbursed below acquisition cost (i.e., the payment system is biased against full reimbursement for higher cost therapies). Reimbursement compared to acquisition cost for the top IO pharmaceuticals by total expenditures indicates that 9 of the 10 are significantly under reimbursed."
Clinical Trials Report:
Congress established Medicare beneficiaries numbering 40 million with a prescription drug coverage, which has been called a "vast expansion of federal support for and control of expenditures on medicines. Even in its early stages, this program is focusing public attention on prescription drug prices, marketing, utilization, and effectiveness." (Weschler, 2004) Further stated in the Clinical Trials report is that, " the Medicare drug benefit is expected to boost prescription drug use by seniors and provide incentives to develop therapies needed by elderly patients such as arthritis, cardiovascular conditions, and…… [Read More]
For example, before its paten ran out, "the price of Schering-Plough's top-selling allergy pill, Claritin, was raised thirteen times over fives years, for a cumulative increase of more than 50%, over four times the rate of general inflation." In 2002, the average price of the fifty drugs most used by senior citizens was approximately $1,500 for a year's supply, and although this refers to what the companies call the average wholesale prices, but is also roughly close to what an individual without insurance pays at the pharmacy.
The increase in research dollars and in GNP share contributed to the business cycle expansion as pharmaceutical firms increased their research and development and brought new drugs to market," says Michael Hood. For over two decades, the pharmaceutical industry has been by far the most profitable in the United States, but not particularly innovative, considering that only a few truly important drugs have…… [Read More]
Pharmaceutical Ethics Issues
Generally, business ethics is a concept that has not been upheld or exemplified to any high standard by the modern pharmaceutical industry. It is an industry frequently plagued by unethical marketing decisions and practices, the pursuit of business strategies and policies that violate public trust in spirit if not necessarily in the written word, and that has embraced research practices that are sometimes highly questionable. In the modern age of business globalization, those concerns are only magnified by virtue of the larger number of human lives potentially affected by unethical decisions and practices and by the additional availability of legal and arguable ethical loopholes in the pursuit of higher profits for pharmaceutical companies.
A Fundamental Problem: Profit vs. Public Health Concerns
The most fundamental ethical problem in the modern pharmaceutical industry is simply that the objective of maximizing profit by private business organizations is inconsistent with and…… [Read More]
Since its inception, the Food and Drug act developed into the Food and Drug Administration, which is responsible for oversight and administration of the rules. Once an application to test a new drug compound has been approved, it must pass a series of tests. Only about 23% of all drug compounds that enter into Phase I ever make it through this phase and into the second phase (Scherer, 2000). This failure rate means a lot of wasted money in the research and development stages of product development. This means that the drug companies have only a slim chance to see profit from any of their ideas and efforts. The efforts of pharmaceutical companies fail many more times than they result in success. Capital investment in new drugs is risky business. Government regulation limits the company's chances for success. This factor makes the investment of initial capital for research and development…… [Read More]
Patents in the Pharmaceutical Industry
Intellectual property theft through piracy and counterfeiting has risen dramatically over the last couple of decades. As a result, the level of activity of pirates and counterfeiters has increased, and so has the scale of organizations participating in the same. The pharmaceutical industry, which forms the basis of this text, has been widely affected; more than "90% of donor-funded HIV medicines" in the market today are generic (ITPC Factsheet, n.d., p. 1). Patents are a major instrument in the enforcement of intellectual property rights.
What exactly do patents protect in the pharmaceutical industry?
A patent on a drug gives the owner, in this case the inventing pharmaceutical company, the exclusive "right to prevent others from making, using, importing, or selling it" (Elliott & Bonin, 2002, p. 1). Intellectual property law was incorporated into the global trading system with the 2005 passage of the TIPS (Trade…… [Read More]
Sick: The Untold Story of America's Health Care Crisis -- and the People Who Pay the Price.
Brief summary of the book, including strengths and weaknesses
Jonathan Cohn's "The Untold Story of America's Health-Care Crisis and the People Who Pay the Price" provides a detailed account of challenges that exist within the current healthcare system. The book highlights true stories from five years of travel conducted by the author. During his travels, he interviewed everyday citizens facing difficult circumstances in terms of insurance policies, claims, reimbursements, coverage exclusions and high costs. Examples includes a story of New Yorkers who followed all protocol and still found themselves without insurance when they needed it most, and a Florida woman with diabetes, viewed as a pre-existing condition by most insurers, who faced similar hardship due to self-employment and coverage refusals.
Most of the chapters detail a unique situation of a family, couple or…… [Read More]
Corporate Social esponsibility in Indian Pharmaceutical Industry
An Exploratory Study
Outlook of CS in India
History of CS in India
Philanthropy in Indian Society
Modern Form of CS in Indian Society
Profile of Indian Pharmaceutical Industry
ationale for Selection
CS Activities by Indian Pharmaceutical Companies
Major Influences Over CS Activities
Scope of CS Activities
Comparison of Indian & Western Pharmaceutical Companies
This research paper is concerned with the recent practices of Indian pharmaceutical companies in the field of corporate social responsibility. For this purpose, various research questions were devised which were intended to explore the scope and nature of these CS activities in comparison with international practices. The research was based on secondary data available on the subject matter. A careful analysis of the given information revealed that the concept of CS is not new Indian pharmaceutical industry.
Instead of being based on specialized management theories, these CS practices are…… [Read More]
While the pharmaceutical industry generally designs marketing campaigns to focus on customers, leaders in this sector must be able to set themselves apart from their competitors . In ideally achieving a leadership role in this industry, such a firm would likely have developed a strong sense of reliability and loyalty among its customers. Furthermore, as customers will directly interact with the final products, it becomes increasingly important for a leading organization to ensure that its products are readily available and better advertised (relative to its competitors) in order to maintain a leadership position. This is regularly accomplished by ensuring superior quality and service through strategic research and marketing.
A follower in a mature market should certainly emphasize the importance of the customer and his or her needs. This type of market segment implies a more sophisticated and knowledgeable customer base. Therefore, such demographics will demand high quality production…… [Read More]
The Economics of the Pharmaceutical Industry -- Focus on Pfizer Drugs
Specify on some background of the company
According to its official website, Pfizer Incorporated "discovers, develops, manufactures, and markets leading prescription medicines for humans and animals and many of the world's best-known consumer brands. Our innovative, value-added products improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. The company has three business segments: health care, animal health and consumer health care. Our products are available in more than one hundred and fifty countries." (Official ebsite 2004)
Although Pfizer's claims to offer value to its consumers may be debatable, its contention that it is the leader of the industry in sheer dollar terms cannot be disputed. Of particular value to Pfizer as a stock has been its patent of the drug Viagra, and it continues to capitalize upon…… [Read More]
Japanese-American Biopharmaceutical Industry in the 21st entury
Optimizing Ethical Drug Availability
Between These Two
The Japanese-American biopharmaceutical industry represents an ongoing international effort between the two top pharmaceutical markets in the world. These two economic powers provide consumers with a majority share of all pharmaceuticals produced in the world. However, a number of pharmaceutical products that are currently available to U.S. residents are unavailable to Japanese consumers. From a humanitarian perspective, this discrepancy denies access to life-enhancing and life-saving drugs to the Japanese population. An economic perspective indicates that excluding pharmaceuticals from the Japanese market causes an increase in prices in other markets, since fewer pharmaceuticals can be sold on a worldwide basis.
The problem that will be addressed in this study is how the United States and Japan can work collaboratively to optimize the availability of ethical pharmaceuticals so that every American and Japanese citizen is permitted…… [Read More]
38 per share on the company's common stock for the first quarter of 2005. The dividend is payable January 3, 2005 to stockholders of records at the close of business on December 3, 2004. Growth in the ZETIA and VYTORIN franchises are expected to continue. T
There are currently several candidates in Phase III that Merck plans to file in 2005 as well as Type 2 diabetes treatment and three vaccines. The fourth-quarter 2004 EPS anticipation is stated to be $0.48 to $0.53, which includes the impact of approximately "$700 to $750 million foregone sales of VIOXX. The result is anticipation by Merck for EPS guidance (2004 full-year) of $2.59 to $2.64. These amounts include withdrawal impact and next years negative affects of the DPS by $0.50 to $0.55."
Merck & Co., Inc. announced in a recent report that they had made submission to the U.S. Food and Drug Administration…… [Read More]
There are two constant irritations in U.S. pharma companies' relationships internationally:
Some developing nations, such as India, razil and South Africa, are chipping away at the patent situation, trying to shorten the time until the drugs can be brought out in generic form.
The U.S. has supported high prices as the cost for innovation. Since other countries are not playing along, this means that their citizens are benefiting from the innovation paid by Americans.
ig Pharma is at a crossroads today. The previous "great" chronic diseases, like diabetes, heart disease, infectious disease (viral and bacterial) have now been tackled by "blockbuster" drugs.
The high regulatory pressures, price pressures and lack of future such blockbuster markets dictates that pharma companies will have to innovate a lot more in niches -- more products, smaller markets. The large pharma companies which grew up in a time of plenty will therefore have to…… [Read More]
New communication technologies require stricter scrutiny, as well. The threat of reprisal is the most effective measure against intellectual property right infringements, and for this reason one of the most essential actions that can be taken in this regard -- and frequently is -- is the filing of civil and criminal charges against companies that infringe upon these rights in an aggressive and uncompromising manner (Long 2000). This not only limits damages, but dissuades future infringement.
Protecting Other Firms
efraining from infringing on another company's tangible and intellectual property rights might be seem to be a simple task, but it does require that certain actions are taken by pharmaceutical company managers. First and foremost, knowledge of the property right laws in effect must be obtained and thoroughly understood in order to refrain from infringing upon them. With this knowledge in place, managers can ensure that any similarities that develop between…… [Read More]
Industry and egulatory Strategy
The generic drug industry provides the public with pharmaceutical alternatives to branded big name prescription drugs. "In 2010 alone, the use of FDA-approved generics saved $158 billion, an average of $3 billion every week."(Generic Pharmaceutical Association. 2011. P.1). With the continuing increase in health care expenditures and health insurance premiums for business and consumers; in 2011 premiums increased by nine percent (Abelson, eed. September 27, 2011. P.1), and "with so many people relying on prescriptions, the cost implications loom large for the American public, health insurers, and government payers" (Kaiser.edu.org. N.D.P.1). Generic drugs must play a more prominent role in the U.S. health care profile, as such as CEO of the Generic Pharmaceutical Association (GPA), the organizations legislative push is toward patent reform which would call for generic drug competition within seven years of the name brand drug introduction. In so doing pharmaceutical prices would fall…… [Read More]
More specifically, the new compensation scheme could still require a minimum number of sales to qualify for the base salary. In principle, the base salary would reduce discontentment among sales staff in connection with the complete dependence of their compensation on their sales success and reduce the perception that MedTech cares only about sales and not about its employees (obbins & Judge, 2009).
However, the most important change that Harold should make is in connection with the reimbursement of sales personnel for their expenses incurred in promoting the product to prospective customers. In that regard, MedTech is actually in a fairly unique position because (based on the available information in the case) there are no contraindications associated with the product. Ordinarily, there are significant ethical issues associated with marketing pharmaceuticals to physicians (Halbert & Ingulli, 2008). Specifically, many medical products and pharmaceuticals can be used inappropriately (typically, in so-called "off-label"…… [Read More]
pharmaceuticals in ussia. The writer provides an overview of the history of the topic as well as the current concerns in the field. There were five sources used to complete this paper.
When the Soviet Union dismantled its communist regime and began to rebuild its entire political and economic structure the world cheered and offered its support. It has been more than a decade and while several areas have been enjoying marked success the pharmaceutical field has been fraught with problems. The pharmaceutical industry in ussia has dealt with many problems including fraud, counterfeit and fake products. It is an industry that by its very nature mandates the strict compliance with purity both in manufacturing as well as cost. ussia works towards that compliance while trying to rid itself of the problems that have come with it.
The ussian pharmaceutical market is filled with problems and one of the biggest…… [Read More]
Integration of Anti-Counterfeit Technology in the Pharmaceutical Supply Chain
ationale for Strategic Action Plan
Strategic Aims and Objectives
Levers and Obstacles
Analysis of Internal Capabilities -- Strengths and Weaknesses
Trends and External Forces -- Opportunities and Threats
Strategic Action Plan
Key Actions, Actors, and esponsibilities
Timeline and Milestones
isk and Barriers
Mechanisms to Track Progress
The organization, Cure Pharmaceutical (Cure), operates in the pharmaceutical industry's drug delivery technology segment. Cure is considered a small pharmaceutical company with revenues of one hundred and fifty million. A technology designed by the firm enables patients to take medications without water. This patented Oral Thin Film Technology (OTF) is small, light and occupies much less space after packaging. The technology can be shipped in single dose form or in bulk rolls to the site of patient care. Cure's core business integrates generic drugs that are an…… [Read More]
What do you think the pharmaceutical Industry will look like in 10 years? Why?
What do you think the pharmaceutical industry will look like in ten years? Why?
Despite the sharp upturn in profits over the past twenty years for the pharmaceutical industry, there is grave concern amongst industry insiders that this cannot continue indefinitely. "Increasing price and cost pressure, regulatory changes and expiring patents are leading to shrinking margins in the pharmaceutical industry. Almost three in four companies believe their industry is in a strategic crisis" (Berger 2013). This is despite the fact that "the top 10 pharmaceutical companies were able to increase sales by about 13% between 2009 and 2010" (Berger 2013). Concerns abound that the failure to create a new 'hot' drug will create substantial downward price pressure. "&D costs have risen by more than 80% worldwide over the past 10 years. On the other…… [Read More]
Five Forces and Pharmaceutical Companies
Pharmaceutical Companies spends many years and millions of dollars developing new drugs. In order for these companies to be successful they must sell any successful drug at a high price to attempt to regain some of the cost of the drug. Once other companies replicate the drug the cost of the drug can be driven down with competition. Most people use their insurance companies to pay for their drugs, pharmaceutical benefits management (PBM). The pharmaceutical companies try to make deals with the PBM, by offering them lower prices so that they would pressure doctors into writing those prescriptions. Below is the five forces that drives the pharmaceutical industry.
Supplier Power is where the pharmaceutical company that is supplying the medication controls the power because of the volume of demand. The supplier power is defined by many different aspects of selling a specified drug. Usually once…… [Read More]
Applying Statistical Process Control Pharmaceutical Manufacturing
The use of applied statistics in studying a pharmaceutical manufacturing process is examined in the work of Tiani (2004) reports that health care quality is critically important in society and the quality of health care is important to all individuals. It is important that treatment is given in an accurate manner and this is particularly true of medications given to patients as it is expected that "the bottle of medicine has the specified number of tablets and that each tablet contains the specified quantity of the correct drug." (Tiani, 2004)
Legal and Regulatory Framework
There are legal and regulatory requirements set out in the law of the United States that the quality of medications be controlled in the pharmaceutical industry. The regulations are contained in federal statutes and outline "a quality control functions that emphasizes inspection and defect detection, and pharmaceutical quality control technology."…… [Read More]
Ganga Pharmaceuticals is a multinational Indian corporation that competes in the manufacturing of pharmaceuticals and related research and development with annual revenues of about $285 million. The company features one of the largest biotechnology parks in India and currently employs around 7,000 employees globally. In recent years, Ganga has acquired a number of companies in Europe and the United States, including C-Pharma, which was acquired in 2003 for approximately $17.2 million. As part of this acquisition, the human resources division at Ganga sought to align the newly acquired C-Pharma with the parent company, but met with mixed success due to some missteps in its administration of the transition. To determine where the company went wrong and what steps could have been taken to avoid these adverse outcomes, this study provides a review of the relevant literature in two parts. The first part provides an overview of Ganga, its operations strategy,…… [Read More]
(Drug Creation Process: Learn and Confirm, a new Paradigm for Clinical Development at Wyeth)
Pharmaceuticals - a knowledge driven industry:
Pharmaceuticals happen to be one of the most extremely 'Knowledge Driven' industries that is always in a state of change. Human, animal, and environmental health remains the topmost interest of the society. Diversities in life form and infections render grave challenges to the formulation of particular and targeted solutions. Drug discovery is an elaborate process needing almost a decade at a cost of 300 million U.S. dollars to get a new drug to the market. Hence the long waiting period in between 'learning', knowledge generation' and its changeover to 'value added knowledge' requires the building of Proprietary Knowledge' that is of immense value in setting up and maintaining a worldwide creative gesture. One of our major competitors Merck and Co holds expertise in medicinal preparations & chemistry of N-Heterocyclics liquid…… [Read More]
Wyeth may have been prescient in recognizing the need to break the mold in pharmaceutical research: the old model of heavy, expensive and long research projects (with a concomitant high rate of failure) needed to be addressed. Also, the earlier emphasis on the industry in finding the "next blockbuster" is now giving way to the new realities of smaller niches, more specialized products, and shorter product development cycles.
Wyeth Rated est in Pharmaceutical Industry on the Wall Street Journal Patent Scorecard
Madison, N.J., August 9, 2007 - Wyeth (NYSE: WYE) announced today that the August 7, 2007 issue of the Wall Street Journal® Patent Scorecard ™ ranks Wyeth first among 35 global pharmaceutical companies evaluated for patent-based intellectual property, as measured by indicators including patents granted; quality of patents; Science Strength™, or the degree to which a company's patent portfolio is linked to core science; Research Intensity™, a comparative…… [Read More]
Prevateur Ethical Stance of the Pharma Industry
Pharmaceutical industry has been challenged with more than its fair share of ethical dilemmas. Even though generally considered an industry vital to the health and lives of people, this industry has also faced challenges like no other industry because of the very fact that it deals with lives and health of the public. The pharmaceutical industry believes in developing drugs for the general and specific benefit of the population and they would do every in their power to accomplish this task with absolutely care. However there are things where they may not compromise which can lead to ethical problems. One such area is drug prices. We all know that prescription drugs though considered ethical drugs are very high in prices and the more specific the target, the higher the price. Those who do not have insurance can find themselves in a very bad…… [Read More]
Saudi Arabian pharmaceutical market is one of the largest in the Middle East. Within the Gulf Cooperation Council (GCC), Saudi Arabia represents 65%, or $1.7 billion, of the pharmaceutical market (EPSICOM, 2011). This work will analyze the unique opportunities within the Saudi pharmaceutical industry along with challenges, such as heavily regulated price controls and the barriers to access faced by international pharmaceutical companies. Through a better understanding of these factors, a more complete picture of the market can be obtained.
Saudi Arabia is a unique pharmaceutical market. It is the largest consumer in the GCC, with more than 82% of the medicines utilized being imported (aines, 2009). Also, the GCC is unique from nearly every other global region in that patients favor brand products over generics. This is despite that generics are the vast majority of the drugs produced in the Kingdom and the GCC. One study estimates the market…… [Read More]
Pharmaceutical Gray Market on Operations and Strategies
The safety, security and prices of pharmaceuticals in the United States represent a fundamental national security interest. When essential drugs are unavailable or priced too high, the public's health is threatened and this is what is happening because of the pharmaceutical gray market. This paper reviews the relevant literature to determine how the pharmaceutical "gray market" affects the operations of pharmaceutical companies operating in the U.S. pharmaceutical market as well as strategies used by pharmaceutical companies to combat this issue. A summary of the research and important findings concerning these issues are provided in the conclusion.
eview and Discussion
Generally speaking, pharmaceuticals are enormously expensive to develop and bring to market (Kelly, 1999). According to Kelly, "The development of prescription pharmaceuticals requires costly and time-consuming research. After a product has been developed, it must undergo the rigorous approval process of the Food and…… [Read More]
Incentive Plan at Watson Pharmaceutical
Watson Pharmaceutical Company is located in Corona, California and is a leading company worldwide for pharmaceutical products. The organization develops, manufactures, markets and distributes generic pharmaceutical drugs specialized in women's health and urology, in the United States and throughout the world ("About Watson," 2010). Watson utilizes an incentive plan to motivate their employees to work harder and achieve their sales goal. The incentive plan motivates the employees to achieve their individual goals, allowing the organization to accomplish the organization goals. This is a strategy that is utilized by many organizations in pharmaceutical industry, as well as other sales agents. In this paper I will discuss Watson's incentive plan and how it is utilized to achieve the organization goals.
Incentive plans are extremely popular in the pharmaceutical industry. This is short-term compensation for achieved sales goals and increased revenue (Morningstar, 2011). Watson Co. utilizes…… [Read More]
This was not the main finding, however. The study's focus was determining when generic pharmaceutical companies were likely to branch out into new markets via the manufacture of new drugs. The answer tended to be that companies entered markets with similar supply and demand levels as those of drugs already produced by the generic manufacturer. The study also interprets these results to mean that specialization based on supply capabilities is beneficial to all generic pharmaceutical manufacturing companies as it reduces the "overentering" (or over-saturation) of a market.
This was the bulk of what I learned from the article. Some of the other findings followed basic common sense -- markets with higher revenues, drugs that were purchased by hospitals more, and drugs that treated chronic conditions all received more market entries. This makes sense as these markets will increase the manufacturer's profits. I also learned -- though I should not have…… [Read More]
Overall the growth of the homebuilder industry is consistently in flux. This is because, this particular industry is not nearly as solidified in its infrastructure as the above two industries. As a result, speculation and investment often drives homebuilding to a frenetic pace, but then can crash almost instantly as well. Furthermore, the economy dictates to a much stronger degree to the actual success of the industry.
However, in application to tradeshows, the constant flux in the industry has a positive effect. This is because homebuilding professionals are much more interested in price and diversity as result of the diversity within the sector. Tradeshows that exhibit different products can cater to the differing needs of their clients, as a result, they are much more effective than other industries. Professionals are always looking at new methods to out compete whether through quality or price. Therefore tradeshows offers them the opportunity to…… [Read More]
Strategic Analysis of Johnson & Johnson Pharmaceutical Division
This study provides the strategic analysis of Johnson & Johnson's pharmaceutical division to assist the company developing an effective strategy to achieve the competitive market advantages. The paper uses the SWOT analysis, PEST analysis and Porter's five forces for the strategic analysis. The outcomes of the analysis reveal that Johnson & Johnson is one of the top players in the pharmaceutical industry making the company enjoying superior market advantages in the United States and outside the United States. However, the company is still facing stiff competitions with other key players in the industry. Moreover, the company has not been able to reduce its cost of operations. The study recommends that Johnson & Johnson should launch its products in China to enjoy huge Chinese markets. Moreover, the company should take advantage of Chinese low stringent laws and regulations to produce drugs for Indian…… [Read More]
Pfizer Inc. - Good Buy in Pharmaceutical Stock?
Pfizer Inc., is a giant in the Pharmaceutical Sector. It is traded on the New York Stock Exchange under ticker symbol PFE. Its principle activities include the research and manufacturing of prescription medicines for human and veterinary applications on a global scale. Their products carry such familiar names as Zoloft, Lipitor, Norvasc, Zithromax, Zyrtec, and the household name, Viagra. They also have a line of consumer products such as confectionery products, shaving products, and tetra fish products (www.bigcharts.com,2003). Pharmaceuticals account for the largest portion of their revenues, averaging 84%, while consumer products make up the remainder of their income stream.
Pfizer stock has been on a downtrend since mid year 2001. This came after a boom in the biotechnology sector, a sector closely related to the pharmaceutical sector. The key question that an investor must answer is whether this means that Pfizer…… [Read More]
The implementation of sustainable rules and regulations as well as constraints in the markets across the world, have compelled international industries, in this case, the food and beverage industry, to establish reverse logistics, which is the backflow management of the supply chain system. everse logistics encompasses the waste management of products and merchandises in the backward supply chain. There has been a gap or limitation in research studies on the implementation of reverse logistics on the food and beverage industry. Due to the fact that food and beverage products are delicate in nature, the backward flow of packing and food supplies compel the formation of a free-flowing reverse logistics system throughout the supply chain. The development of an efficacious reverse supply chain practice for the food retail industry necessitates the conduction of studies on prevailing reverse procedures, and their enactment across the diverse retail set-ups.
The…… [Read More]
Product or Service Supplied
The product supplied to patients is generic pharmaceuticals. “A generic drug is a pharmaceutical drug which is equivalent to a brand-name product in dosage, route of administration, strength, quality, Kinetics, and its intended use. It may also refer to any drug which is marketed under its chemical name without advertising” (Moin, 2016). The importance to the customer is an issue of affordability: the patient has to incur fewer out of pocket expenses in order to pay for crucial prescriptions in order to fulfill the needs of their chronic diseases or conditions. Generic drugs are essentially the ones that are comparable to their brand-name twins. “They are comparable in terms of the dosage, effectiveness, and intended use. Generics are important because they are essentially a less-expensive alternative to their brand-name counterparts. This, of course, is expected to be important to those who are ultimately picking up the tab, governments,…… [Read More]
Clinical esearch Associate (CA) Visit to a Major Pharmaceutical Firm
An agenda for the visit that you will send to the site prior to the visit
The agenda set forth in Table 1 below will be sent to the pharmaceutical firm preparatory to the site visit:
Agenda for CA Site Visit
Introductions and orientation
Preliminary presentation to selected division chiefs and researchers concerning the CA's role and responsibilities
Meetings with researchers and clinicians in their divisions concerning purpose of clinical trials, relevant protocols and controlling legislation
a.m. -- 1:00 P.M.
p.m. -- 2:00 P.M.
eview of research to date and findings
p.m. -- 3:00 P.M.
Meeting with pharmaceutical firm's staff attorneys concerning U.S. Food and Drug Administration requirements for clinical trials (Jackson, 2007)
3:00 p.m. -- 4:00 P.M.
Concluding presentation concerning the findings that emerged from the site visit…… [Read More]
nature of a firm's business and its environment are big factors in determining what the firm's financial statements look like."
Industries vary wildly in terms of how they account for profits, losses, depreciation of assets, and other critical components that affect the appearance of their financial statements. Some industries are more apt to operate on credit on a regular basis than others; some industries make the bulk of their profits on a seasonal basis (such as retailers which make most of their money at Christmas) or have profits which vary markedly from year to year. For example, a pharmaceutical company may experience a notable drop in revenue when one of its most popular drugs loses its patent; it may gain sharp windfall that lasts for a fixed period of time while it can exclusively profit from a new drug. Some industries are extremely risky to invest in because of innate…… [Read More]
Pharmaceutical industries have to operate in an environment that is highly competitive and subject to a wide variety of internal and external constraints. In recent times, there has been an increasing trend to reduce the cost of operation while competing with other companies that manufacture products that treat similar afflictions and ailments. The complexities in drug research and development and regulations have created an industry that is subject to intense pressure to perform. The amount of capital investment investments required to get a drug from conception, through clinical trials and into the market is enormous. The already high-strung pharmaceutical industry is increasingly investing greater amounts of resources in search of the next "blockbuster" drug that can help them gain market position and profits. Laws, regulations and patents are important to the industry while spending billions of dollars in ensuring the copyright of their products.
It is the intention of this…… [Read More]
The author of this report has been asked to review five Harvard Business Review documents from the recent years that relate to the pharmaceutical industry. From this review, the author is asked to summarize and offer several lessons learned from the cases as it relates to the power and limitations of the pharmaceutical market in addressing medical needs of patients. Indeed, there are some obvious lessons that can be cited in the reports. While pharmaceutical markets can solve a lot of problems and cure a lot of ills, the profit motive and the logistics of helping certain people prevent certain people from being assisted in a timely fashion, if at all.
One major challenge of the pharmaceutical industry is getting drugs to market. The process of getting a drug to market is long and arduous. Even when everything goes according to plan, the specter of lawsuits…… [Read More]
These four dimensions are the tools for developing the company's marketing strategy and deciding which product line to cultivate, preserve, yield, or get rid of. Strong products should be grown or maintained. eak or unprofitable lines should be sold or discontinued as soon as possible. "Four basic factors are critical in the decision to manage individual product lines.
Cost to produce
Total sales volume" (Berry, 2012).
Going through the process of developing a marketing plan will help CVS to figure out how they are going to draw people into their stores and sell them things beyond discounted generic drugs. A provides the market with a source of discounted drugs among other products. This market need is important today as many Americans are faced with the dilemma of using their limited income on food or meds. A pharmacy should seek to fulfill the following benefits that are…… [Read More]
In addition, the recall constitutes an expectation of substantial change before products actually reached consumers, placing it in compliance with 402A. obins & obins lived up to its legal and its ethical responsibilities.
The Blanchard and Peale method of determining ethicality consists of three checks, which can be applied to both the decision to avoid the $0.35 per-package charge to automate recalls and to the "fake" recall process of the company (Lankard, 1991). First, the models asks if the action is legal, both in terms of governmental laws and company policy; the answer for both dilemmas in this case is "yes." The second test is whether the action is balanced and fair, promoting "win-win" solutions; here, the answer in both cases is more ambiguous. The additional costs of medications from the UPC rule would have been passed on to consumers, which is a "lose" to some extent even…… [Read More]
Price Targeting Industry
Customers usually complain that they purchased the same product or service at higher price than their friends did. This is actually the price targeting technique that sellers use in order to receive maximum profits or revenue. However, if the customers are aware of the actual price and sellers' technique then they can make a better deal.
Price targeting is one of favourite techniques of vendors to earn more profits since they can sell the same product or service at different prices to different customers. y this method, vendors identify point of transaction where consumer decides to purchase the product or service and is ready to pay amount close to the maximum price. Thus, the vendors may capture the consumer surplus.
Retailers make discrimination in prices because consumers also hide the maximum price that they are willing to pay off for the particular product or service.…… [Read More]
Stay Healthy Pharmaceuticals is a multi-million dollar firm that has recently discovered that it's one step behind its competitors in all developments of new drugs. Since the company's survival and success in this industry is dependent on the number of successfully developed new drugs, it has research scientists who work in teams in the process of developing such drugs. While every research scientists' team is committed to the success of its own drug project, the company has noted that these teams have become very competitive with each other.
Based on the analysis conducted by the company's upper management, the stiff competition among the various research teams has reached a destructive level. As each team has begun hoarding information and knowledge that could be beneficial to other teams, the competition appears to be stifling the company's research. This stiff competition between the teams is also lessening the quality of decision-making and…… [Read More]
Human Resources planning and strategy will be 'key' in enabling the organization to deal with pandemic situations. This leads to another primary challenge that the health care industry faces which is the shortage of nursing staff in today's health care organizations and institutions. Nursing staff in the healthcare industry re under great stresses on staffing due to an inadequate supply of individuals pursuing their nursing degree with an."..unprecedented demand for nursing services" however, colleges and universities as well as health care institutions have failed to develop effective workforce supply. The work of leich and Hewlett (2004) entitled: "Dissipating the Perfect Storm - Responses from Nursing and the Health Care Industry to Protect the Public's Health" published by the Journal of Issues in Nursing states: "In spite of the progress in nurse recruitment, the prognosis for balancing supply with demand is still precarious, at best. Sadly, AACN (2003a) reports that more…… [Read More]
Significance of the Study
This study is significant because it sheds light on a very important contributor to local and international trade. Trade fairs have a long history in providing a meeting place for buyers and sellers. They are an important channel of communication for B2B buyers and sellers. This is a significant area for study because there are limited channels of communication between B2B buyers and sellers. The previous sections have diversified the importance of communication to trade. B2B buyers and sellers cannot use mass channels of communication such as television advertising or newspaper advertising. In this market usage of personal visits and demonstrations are the common channels of marketing and communication. The B2B selling and marketing activities are less highlighted in research than B2C activities. Therefore, this study is significant because it explores a very important channel of marketing and communication in the B2B market.
The study is…… [Read More]
As the largest mass merchandiser in the world, Wal-Mart's work in supply chain execution, research, and policies defines best practices for the broader high volume retailing industry worldwide. Wal-Mart is comprised of three operating segments including the Wal-Mart stores, Sam's lub and the International Stores. The typical Wal-Mart discount store as 50 departments or more and a few are offering groceries in addition to apparel, fabrics, stationery and books, shoes, house wares, hardware, electronics, home furnishings, small appliances, automotive accessories, gardening accessories, sporting goods, toys, and pet food. Wal-Mart moved into the Superenter retailing concept in the 1990s and has at this point 1,700 of these Superenters worldwide (Sampson, 2008).
These Superenters range in size from slightly over 90,000 square feet to 260,000 square feet. These are substantially larger than its normal stores, ranging in size from 90,000 square feet to 261,000 square feet. Wal-Mart also runs smaller…… [Read More]
In the recent years, trends have emerged in the healthcare management industry, which includes patient protection, social media in healthcare, and drug shortages. Patient protection has largely been influenced by laws and policies in different nations. In the United States, the enactment of the Patient Protection and Affordable Care Act (PPACA) has resulted in the lowering of overall healthcare costs, whereby millions of individuals have access to insurance, thereby guaranteeing free preventative care. Social media in healthcare has stemmed from the increased use and adoption of the technology for health-related reasons by patients as well as healthcare practitioners. Moreover, drug shortages have emerged as a challenge that hospital pharmacists encounter and manage in different measures on a daily basis. The paper explores the trends in the three aspects as they relate to the healthcare management industry. Furthermore, it focuses on drug shortages as the topmost priority.
Social Media in Healthcare…… [Read More]
The main advantage Mondavi possesses over Allied Domecq is the fact that it has a series of well established brands, brands which have become well-known to the market through marketing campaigns that ensure that the brand has a distinct identity and unique image. Additionally, in my opinion, until the synergies begin producing results, the tactics of simply buying players on the market needs time to sediment and to become cohesive. From this point-of-view, Mondavi, as a family business first of all, has always being united around a common idea and figure.
4. Morandi basically has two strategic options in 2002: growth through acquisitions, a method that one of the most important competitors has employed, as we have previously seen, and growth through organic development. Morandi has already picked the latter, but we need to go through each of them to point out why this is naturally the best option for…… [Read More]
com). A certain amount of errors is to be expected, but there should not be so many that it demonstrates a certain level of skewedness about the model in its entirety. Thus, if the NHI model is the one which is selected, then it needs to be tested against a range of different scenarios. The following demonstrate some truly relevant what-ifs: what if the doctors only move half the projected volume; what if medicare slashes rates; what if competitors open a comparable program (dgapartners.com).
There are a range of factors which can change or adjust once a healthcare facility opens their doors for business. And as much as this facility is attempting to engage in a solid humanitarian effort, at the end of the day, it's still a business and people need to get paid. Thus, before engaging in further developmental activities, one needs to determine in what ways the…… [Read More]
Jurox is a small pharmaceutical company specialising in niche markets that relies primarily on focused research to create new products to fill certain niche markets.
Jurox began to experience problems with the many projects underway not achieving significant results as well as operating inefficiently and at high cost. While the company does not expect the majority of research to result in feasible products, it does expect this research to be carried out efficiently so that new projects can begin in different areas.
The company analysed the problem and decided that the organisational structure was the source of the problem. The organisational structure was a flat structure organised by function, with separate departments handling each stage of the project and then passing it on to the next department. The original process was for accounting to determine the financial feasibility, marketing to assess the marketing potential, research and development to create the…… [Read More]
Fluor and Their Competition in the Construction Industry
usiness Strategy(s)/Strengths of Fluor
Porter's Five Strategies/Forces
usiness Strategy(s)/Strengths of Fluor
Fluor Corporation is seen as one of the largest and publicly owned organizations in the world. It is in the business of engineering, procurement, construction and maintenance of facilities for manufacturing organizations. As a company it operates through its subsidiaries and has become now one of the world's business leaders. It is able to provide very good expertise and technical knowledge during all phases of a project. The strength of the company is viewed by its customers as being able to provide the best possible solutions which are able to optimally use the assets of the customer. This helps the customers improve their competitive business position and provide greater successes…… [Read More]
downsizing on Manufacturing Industries
The amount of information on the effects of down sizing on manufacturing was not plentiful, however one main point that flows through all of the articles is that even though down sizing may be done to help a company it can end up hurting them in the long run. In the paragraphs to follow we look at the effects that downsizing has on people and companies as well as look at whether or not downsizing is truly the answer.
Parker (2003)eports that in 2003 the expected job losses among the manufacturing industries in Great Britain would create the effects of rising input costs and oil price increase on the job cuts; Downturn of the purchasing managers' index for manufacturing; Decrease in the rate of manufacturer's orders. So even though these cuts may be necessary he pointed out that it would have an overall negative effect.
The…… [Read More]
RFP in Healthcare Industry
Request for proposal in health care industry
Request for Proposal (RFP) in Healthcare Industry
In order to continually provide adequate Medicare to patients, a review of the electronic health record options reveal that the appropriate strategy is to procure Electronic Medical Record software. The primary objective of this RFP is to implore bids from system integrators or commercial off the shelf software merchants to devise, install, construct and implement integrated EMR software solution. The health care system, Future Correctional Center seeks to procure a software solution including licenses, hardware (as recommend by the bidder), execution, and maintenance and support services. In addition, the software configuration should present a core set of EMR attributes that meet particular requirements such as order entry, outcome review, nursing and physician documentation, registration.
Something significant to note; Future Correctional Center will not consider proposals from bidders offering software as a service…… [Read More]
.....industries that are much more profitable than others. Per data from the BBC, there are two industries among five major ones that stand out (Anderson, 2016). Indeed, when looking at pharmaceutical firms, banks, car manufacturers, oil/gas refiners/sellers and the media, the first two of that list are clearly the best. The media does decently at about 12%, oil and gas does about 8% and carmakers are at about six percent. On the other hand, banks and pharmaceutical companies are both quite close to 18% and many firms within that realm do even better. Indeed, Pfizer does 43% in terms of profit.
Whether one focuses on the pharmaceutical company in particular or not, however, Glaxosmithkline (GSK) is clearly in its own echelon of performance and adeptness. They are very much in the "pack" when it comes to their profit level as many pharmaceutical companies hover around twenty percent. However, many others…… [Read More]
accounting standards and concepts violated by Ligand Pharmaceuticals, as well as the role of the PCAOB as a regulatory body.
Standards for Accounting of Sales Returns
The applicable standard includes FAS 48, which establishes standards for revenue recognition when the right of return exists. FAS 48, issued in 1981, specifies under what circumstances revenue is recognized on a sale in which a product may be returned. For a business that sells its products but gives buyers the right to return the product, FAS 48, paragraph 6, states that revenue from the sales transaction is recognized at the time of sale only if all of the six conditions specified in items a through f were met. One condition which proved a problem for Ligand was that "the amount of future returns can be reasonably estimated (paragraph 8)" (FASB, 1981, p. 5).
Paragraph 6 further specifies that, in the event that all…… [Read More]
Consultant Cover Letter
CEO, Capellon Pharmaceuticals
This memo serves as an introduction to my consulting services and a briefing of the work I have just completed for Capellon. I met with Alexi Parsons two weeks earlier to outline a plan for my consultation and to set this day as the target for completion of my research. Below, I describe my perspective of the challenges Capellon faces, my research findings, and my recommendations to you and the board of directors.
Challenges. Productivity and morale have decreased company-wide. Resources have been heavily allocated to the marketing department, but year-over-year sales fell markedly.
Staff resisted required changes in policies and interactions have been sophomoric. Consequently, turnover had reached unacceptable levels that threaten to mare the company's reputation in the industry. The marketing manager does not have leeway to function effectively and is chronically micromanaged by superiors who do not understand the operations of…… [Read More]
The implant is inserted into the ear and is discarded at slaughter, thus, it does not enter the human food chain (Primer pp). The hormone in the implant is released into the bloodstream very slowly ensuring the concentration of the hormone remains relatively constant and very low (Primer pp). Moreover, the prescribed dosage is the level "which produces the maximum economic response in the animal -- the law of diminishing returns -- so that there is no economic incentive for a farmer to use additional implants," and ensures that the animals taken to slaughter have normal hormone levels (Primer pp). According to the Primer, beef from a bull contains testosterone levels over ten times higher than the amount in beef from a steer that has received hormones for growth promotion (Primer pp). Therefore, since the European beef market is predominately bull-sourced, while the American meat is steer-sourced, American hormone treated…… [Read More]
Leflar's Analysis Of Medical Malpractice eform
Leflar (2013) analyzes how medical malpractice reform is affecting the health care industry in his medical ethics study entitled "Medical Malpractice eform Measures and Their Effects." Leflar describes three types of reform initiatives placed into effect in the recent past: limited-liability reforms which favor the health care providers, procedural reforms said to promote safe harbor laws, and systematic overhaul reforms which "move liability away from physicians to hospitals or administrative no-fault compensation systems" (Leflar, 2013, p. 306). Leflar also assesses the current state of reforms already in place, such as damage caps, and that they ineffective at achieving the aims sought by medical malpractice reformers. Leflar suggests that more attention should be given to reforms which concentrate on no-fault systems, safe harbor laws, patient comp funds, early offers, etc.
Leflar notes how malpractice law stems from the tort law and that the earliest laws…… [Read More]
pharmaceutical industry is the most profitable sector of the U.S. economy. Is this a curse or a blessing to our healthcare system? hy?
The dominance of the pharmaceutical industry may have enriched the profits of many delighted stockholders in the 1990's, but the predominance of new drugs in medicine has not necessarily profited the health care industry as a whole, much less the individual state of health of many of these drug consumers. Firstly, the ubiquity of pharmaceutical advertising has caused many otherwise healthy consumers to seek better health in a pill, rather than preventative medicine. If cholesterol can be lowered with a pill, rather than with diet and exercise, why resort to these methods before taking Crestor? If happiness through Zoloft or Prozac makes existence more worthwhile, why not give it a try? Risks were often minimized. For example, it has now come to light that an unpublished 1999…… [Read More]
Although the Affordable Health Care Act represents a step in the right direction towards encouraging all Americans to avail themselves of medical services, the bill fails to address the root causes of problems in the system. The American health care system is flawed because it is a for-profit model that places profits far ahead of patients. When profits come ahead of patients, the result is an inability to fulfill the ethical duties of being a health care worker. A progressive transformation of the American health care system would systematically undo the nefarious link between corporate interests and the interests of health care.
The relationship between doctors and drug companies has been well established and well documented. Major news media resources like The Atlantic, as well as professional peer-reviewed journals like the New England Journal of Medicine cover stories addressing the potential ethical conundrums inherent in a cozy connection…… [Read More]
There is a strong financial incentive to encourage consumers to 'over-consume' drugs. While clearly some patients benefit from taking antidepressants, statins, and even antipsychotics, these drugs have become treatments of first rather than last resort for many people, because of the direct-to-consumer marketing of medications. Behavioral therapy and lifestyle changes, given the side effects of many drugs, might be a better way to treat milder forms of depression, high cholesterol, and attention deficit hyperactivity disorders (ADHD).
Drug companies have a financial incentive in encouraging patients to seek out 'more' treatment for illnesses that disproportionately affect individuals with good health insurance. Additionally, drug companies have an incentive to constantly create and generate interest in new drugs, as patents for existing drugs have a limited shelf life -- although these drugs may not be designed for individuals with the greatest critical health needs. There will always be an ethical problem in the…… [Read More]
The final legislation should have incorporated provisions to boost the IVD industry. On its entirety, the Patient Protection and Affordable Care Act must have benefited the IVD industry. This would have increased sales in a span of five years that it is otherwise seen in the absence of the law. Most significant IVD sales drivers will result from the legislation as an expansion of in the number of insured citizens and new coverage of prevention and wellness programs. If various key provisions are included in the PPACA, coupled with the population demographics, IVD product sales will be stimulated. This industry will die or live based on the number of the test procedures and hence increase in the number of persons with healthcare coverage will be appropriate for IVD. The Patient Protection and Affordable Care Act is a sophisticated legislature, virtually affecting all aspects of healthcare and the majority…… [Read More]