REGULATION OF PHARMACEUTICAL COMPANIES

Regulation of Pharmaceutical Companies

Regulation of Pharmaceutical Companies

Today, citizens are alive longer, healthier, and more effective exists and as a effect, in considerable part, of the exertions of the research-based pharmaceutical and biotechnology industries in exploring fresh medicines to prevent, cure, and treat diseases. Some trends in the industry are herbal medicines and generics. Herbal medicines have the added advantage of less federal regulation than traditional medicines. The generic drug market remains to grow due to the loss of patent defense, on patented drugs. Generic drugs account for 43% of U.S. prescription sales with $12 billion in sales. (Geitona, 2006)

Most of the companies in the pharmaceutical industry deal in an international market. This global habitat brings with it its possess unique challenges as well as benefits. A company must assess and deal with cultural differences of the citizens as well as many federal agencies. There are also other anxieties and threats that include importation limitations, pricing restrictions, financial destabilization, and fluctuations in foreign currency exchange rates.

In the US, companies labor closely with federal agencies such as the Environmental Protection Agency (EPA) to maintain and renew on session all laws and guidelines. Some areas of environmental policies that they lack to obey with include: Clean Air act regulations, pollution prevention, regulations and limitations for wastewater discharges, and environmental assessments. (Hermel, 2001)

The organizational buildings of majority pharmaceutical companies are similar. There is a CEO and vice presidents that head each of the main divisions, which are thereafter breached down into various specialized departments. Among these divisions (but not limited to) are Research and Development, Human Resources, Technical Operations, Finance, Sales and Marketing, and Business Development. These divisions are staffed with: scientists, technicians, managers, lawyers, analysts, administrative assistants, sales representatives, etc. (Leask, 2006)

Most of the world's pharmaceutical research and growth is waged ...