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Essay / Research Paper Abstract
This 3-page paper is an overview of the U.S. pharmaceutical industry. Topics discussed include the market structure, pricing and changes to the industry. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTphaove.rtf
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Unformatted sample text from the term paper:
a global one, well focus mainly on the U.S. pharmaceutical industry (also known as "Big Pharma"). 1. Introduction - company/industry overview The
pharmaceutical industry overall is made up of four parts: medicinals/biotanicals; pharmaceutical preparations, diagnostics and biologicals (Hurt and Arakaki, 1993). As of 1993, the U.S. was the worlds largest center for
pharmaceutical research and it had the worlds leading laboratories (as well as being the leader in innovation, competitiveness and technological development) (Hurt and Arakaki, 1993).
Even today, the U.S. still leads the world in pharmaceuticals, claiming botht he largest market share, as well as five of the ten largest companies worldwide (Business Yahoo,
2004). Europe is in second place (Business Yahoo, 2004). Globally, sales of both prescription and over the counter drugs are at $300 billion annually (Business Yahoo, 2004).
Due to consolidation during the past decade, drug companies have become even stronger and larger. Additionally, due to the aging population, the demand for more drugs
to ease the pains of aging continues to climb. However, there has been some concern, in recent months, that too many drugs with
too many side effects are being released to the market. Pain-reliving drugs such as Celebrex, Naproxin and Vioxx have been thought to lead to cardiovasulcar problems, and this could lead
to tougher regulation on behalf of the FDA when it comes to approval of drugs (Tsao, 2005). 2. The Market Structure in which it operates
The market structure in which the pharmaceutical industry operates is definitely an oligopoly one (though there are those who would claim that its a monopoly). Basically, a
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