Pharmaceutical Industry: Pain Relievers 26th November 2012 Outline Introduction – This part introduces the paper by highlighting the key factors that have led to extensive growth of the US pharmaceutical industry…
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The part also compares the performance of US firms with competitors. Demand, consumers and government regulations – This part analyzes the demand of the pharmaceutical products in US and the number of consumers. The section also indicates major government initiatives to regulate the US pharmaceutical industry. Conclusion – This section concludes the entire paper by indicating major areas covered. Additionally, the part gives an opinion on the way forward to curb entry of illegal and cheap drugs in the US market. Introduction As the global economy recovers from the recent economic downturn, stiff competition has been experienced in various industries as the firms compete for the available resources. In the same way, companies have adopted various microeconomic policies such as price regulations, as a way of enhancing the demand of their products. The US pharmaceutical industry is one of the fastest growing sectors in the world based on the extensive biopharmaceutical research that the currently has emulated. As a result, the industry is one of the major sources of employment for the skilled medical personnel and sales executives. One of the key factors that have led to the growth of the US pharmaceutical industry is that the country has the largest free-pricing market and effective regulatory environment. Through the support of the government especially in the matters of research, the industry has attained a competitive advantage making it to have an impact on other pharmaceutical companies in the world. This paper gives an analysis of the US pharmaceutical industry, focusing on microeconomics aspects that are evident in the sector. Market Structure The pharmaceutical industry is made up of many competing firms based on the free entry and exit strategy. In addition to the independence that exists in the industry, pharmaceutical companies in various parts of the world can sell their products in any market at different prices. As compared to other countries, Berndt and Newhouse (2010) argue that US firms sell their products at high prices – an aspect that has resulted in smuggling of cheap drugs from other areas such as Canada to US. The performance of the industry in US has been outstanding. However, as a result of the economic recession, a reduction in the demand of the pharmaceutical products led to reduction of sales from 3.5% to 2.5% according to the report by IMS Health, a firm that deals with health care analysis (Berndt, 2001). According to Michels and Jonnard (1999), as compared to Japan and Europe, the US pharmaceutical industry has attained a very high level in terms of production based on two notable factors. First, the substantial growth in capital and research key nonlabor inputs has made the industry effectively respond to the dynamics that exist in the market. Second, there is a significant difference in the rate of growth and absolute sizes between United States and other developed markets. For instance, in 1990s the US pharmaceutical market and the European market were almost at par, but recently the US market has experienced a high rate of growth leaving behind other European countries. Producers and Suppliers As mentioned earlier, the industry has attracted a high number of firms with an aim of meeting the increased demand from the American residents. Some of the major players in the industry includes Pfizer, Merck & Co.,
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Over the past few decades, millions of Americans have succumbed to the drug war and millions of individuals still continue to perish as a result of drug abuse, its smuggling and related crimes. The epidemic of prescription pill abuse and addiction has been plaguing the American society for the past few decades claiming countless lives during its course.
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