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With the advent of globalization, world market trade drugs that were once confined to a particular area or country. People across the world are being benefitted with the research and studies being conducted in one laboratory in one corner of the world. It could be made through commercialization of pharmaceutical products. On the other hand various laboratories are working in collaboration to bring out the best pharmaceutical results. They work under legislative and safety measures ensuring the customer satisfaction and to procure better results without negligible health hazards.
It is mandatory that the companies must get approval from the ethical committees to pursue the research study prior to the drug manufacturing. Drug designing is becoming more precise and target oriented so as to minimize the damages caused to other tissues. Any kind of ignorance or manipulation in this designing may emancipate worst to mankind. It is mandatory that pharmaceutical companies take utmost precaution and precisions not to spin huge profit and ignore humanity but to come out with a devise in the form of drug that can provide a better alternative to the ailments and their cure with trifling side effects. These are all very vital and major contemporary issues that must be addressed when we look drug commercials and the controversies surrounding their increasing prevalence in our everyday lives.
Historical background is imperative for any commercial advertisements. 19th century witnessed a huge expansion in the sale and use of drugs. Although many of these drugs were easily accessible but possess tremendous side effects; however limited instructions regarding the methodology of their use was mentioned. These directives are essential for the commercialization of the pharmaceutical products, else these pharmaceutical products become misleading for the customer resulting in life threatening
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According to the paper traditional herbalists and ethnobotanists have been in existence in various society since time immemorial. Pharmaceutical companies commonly tap into the wealth of knowledge that ethnobotanists and traditional herbalists have without compensating them adequately, only using this information to enrich themselves with gross disregard to property rights and common good.
With this in mind, inventor of new pharmaceutical drugs could actually protect themselves from other people who wish to imitate and reproduce the said drug (IUS Mentis, 2011). It simply means that pharmaceutical companies who own patented drugs have the legal right to file a fraud case against any business entity or person who will be proven guilty of imitating a drug that has already been registered under the patent laws (Bently & Sherman, 2001).
Remain competitive in a turbulent business environment is the key success mantra for any business. Odonez de Pablos (2004) raised a valid question that whether we are heading towards a business environment where supply of human resource is plenty but presence of talented human resource is very less in comparison to labour market demand.
Some companies focus in R & D, some prefer manufacturing while the biggest pharmaceutical corporations engage in both.
Before the discovery of antibiotics, the best treatment of infectious diseases was experimental. Indeed, it is quite an impossible endeavor to pursue.
The standards of the goods being sold in the market are transitional, and experience consistent changes with the passage of time. The changes beyond being public motivated, can be influenced and generated by the other companies themselves. In the modern era, the concept of the need analysis of the market has toppled, and followed by the measures which transform and influence by need of the public i.e.
This paper looks at the shifting marketing practices of pharmaceutical companies, as they try to grab a larger share of the market for drugs. By doing so, they attempt to rake in larger profits at the expense of the ethical marketing practices that were the hallmark of the pharmaceutical industry in earlier times.
According to the report rationales reflect a more proactive and offensive thrust, such as diversification into new geographic markets and therapeutic areas, achieving scale and scope economies, developing competitive capabilities in R&D, and fostering disruptive change. There is the sense that these rationales focus on cost reduction and on revenue enhancement.
Political and legal forces may expose the business to threats that may force the company to wind up. On the other hand, the authorities may offer opportunities for the newly established company. A political and legal analysis is, therefore, necessary for
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