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Essay / Research Paper Abstract
A 7 page paper discussing problems in the pharmaceutical industry in the US and its likely outlook for the early part of the new century. There is little new in the pharmaceutical industry in the pattern of long development times, high R&D costs and efforts to recoup costs and generate profits in the relatively short time that the developing company has protected rights to a formula. What is new is the growing complexity of the diseases and conditions now under study and the immense increases in costs over the years. Some point to the fact of 2001’s 4.4 percent growth as a mark of doom, but that likely is not the case. The general economy grew during the same period only by just over 2 percent. Growing at only twice the rate of the national economy generally is not a sign of doom. Bibliography lists 8 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSmgmtPharmaMkt.rtf
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Unformatted sample text from the term paper:
Everyone expected to pay more than they would like for their prescription medications in years past, but the former Burroughs-Wellcome component of the current Glaxo-Wellcome generated a public outcry when
it first marketed AZT(r) as the first - and only - drug treatment available for AIDS patients. AZT was priced far higher than any of the companys other products.
Little did we know then that the formula on which AZTs pricing was set would become the norm. That scenario from the
1980s can be seen as one of the significant events introducing consumers negative view of the pharmaceutical industry. The industry bears responsibility for many of the problems it has
encountered since then, but there have been other influences as well. The purpose here is to examine the industry, assessing the outlook for its long-range profitability. Description and Analysis
For most of its history, the pharmaceutical industry has been seen as being well-insulated from routine fluctuations in the business cycle. In
the United States, the notion that healthcare is a privilege has been pass? for at least half a century; today healthcare is seen as a right of all, regardless of
the cost and regardless of who pays for the care that individuals receive. Though grossly oversimplified, the skeletal structure of spiraling healthcare costs has the federal government at its
core: it allows automatic increases in acceptable Medicare charges; the insurance industry adjusts its allowable charges in like manner. Care providers are free to raise charges to those
levels, and the lack of competition - and self-pay - ensures that all individual components of the value chain can repeat the process with impunity.
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