Factors affecting pharmaceutical industry

Factors affecting pharmaceutical industry

Introduction

In United States, profession of health care is being viewed as the most respectable profession, and pharmaceutical industry is an integral part of that healthcare profession. After the execution of (ACA) Affordable care act and patient protection act, the first change implemented by Department of health and human service was providing health insurance benefits from young people less than 26 year of age (Blanchard, 2003). Secondly, authorities incorporated new rules, to ensure that a patient suffering from severe diseases does not lose their life, because the treatment procedure of these diseases was expensive, and could not be afforded by these individuals.

In addition to these, US health care authorities are aiming to improve the health care services of the country, by introducing new provisions that would be officially incorporated by the end of 2014. However, authorities have instructed either every citizen to enroll in health care insurance personally, or either through employer, through government, and have drafted new policies for insurance companies, and through that, the officials are hopeful to include more than 49 million people, that were previously unregistered under insurance companies (Bragg et al, 2000).

On the other hand, implementation of (Affordable care act) has been mixed response from pharmaceutical industry, for instance, expanding in drug coverage provision, will increase the sales of drugs. Meanwhile, implementation of additional taxes, and other fees on pharmaceutical firms, will affect the use of expensive drugs, affects the production of drugs, and others. However, supporters of ACA believe that implementation of this act, and other provision increase the coverage of healthcare, and thus will increase the revenue earned from this sector.

Authorities have speculated that after the implementation of this act, there would be considerable decrease in the death rate, and proper medication of severe diseases would be within reach to every individual (Carlson & Russ, 2007). Next section of this report will discuss the facts provided in the video, and influence of US regulation o these facts, it will also compare the pricing policy of US with Canada. The next section will cover the trends in career of this profession in recent years, relationship of pressure imposed on doctors in declining interest in this profession, and role of health policies and impact on organization for decade.

Discussion

Impact on US regulation on facts presented in Video

The video “Pharmaceutical industry in transition: Dramatic changes a head, how will you adopt?” has disclosed certain important facts of US pharmaceutical industry, and explains that industry is in a phase of changeover, which means that industry is growing in some sectors, and is facing certain difficulties in various sectors. The affect of current and new regulations of US, in the presented facts of video, are discussed below in detail (keckley, 2012).

Slower and more bureaucratic regulatory procedures

Massive reformulation and enhancement in the cost of research and development of drug cost, and its development are necessary to accomplish development in medical science, and to provide better and innovative drugs for the treatment of severe ...