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Why Pharmaceutical Industry Is High-Tech and Knowledge-Intensive
It seems reasonable to advocate for the pharmaceutical industry due to the following. Pharmaceuticals is one of the most high-tech and knowledge-intensive industries in the global economy, which is determined by three groups of interrelated factors. First, it is the rapid development of human sciences and a number of important discoveries (Kruglyak). Among them is the decoding of the human genome, the possibility of stem cell transplantation, and the use of personalized genomic information for the development and clinical use of pharmacological drugs that act on known and new targets.
The second is the emergence of threats associated with relatively new diseases. The latter can include acquired immune deficiency syndrome, new viral diseases associated with virus mutations (Ebola hemorrhagic fever, influenza caused by new strains, coronavirus), the spread of Alzheimers disease (Kruglyak). Third, it is a high degree of competition in the global pharmaceutical market, where the leading players are transnational corporations with huge financial resources. When faced with a similar situation, all companies behave in the same way (Kruglyak). If they stop offering new solutions to keep up with consumer demands and technological advances, pharma companies could be forced out of business at any time.
The pharmaceutical business is not just a supply of goods and services. It performs a social function, where the balance between the interests of shareholders and public needs is very important. Now a new era of competition between pharmaceutical companies has begun not only for the quality of drugs produced and their cost but also for the values and ethical principles by which companies live. In the long run, there is no opposition between ethics and profit. Being ethical is beneficial for a pharmaceutical company so that patients buy its product, regulators treat it favorably if any initiatives are put forward, and company employees believe in what they are doing and bring it a success (Thomas).
The companys reputation is its money in the future, he concludes. Profit is important, of course, because if there is no profit, the business will not be able to work and will simply disappear. Pharmaceutical companies must be successful in order to give patients what they need and at the same time of the highest quality and at an affordable price. This is what they actually pay for. At the same time, the patient focus is not something new; pharmaceutical companies always think about it. If they forget about the patients, they will simply lose their license.
In the context of social orientation, the development of a new product is good for society, that is, for patients. Conducting clinical research and increasing scientific knowledge is the same as the taxes paid by pharmaceutical companies. Marketing is also useful for business and for patients, as companies evaluate the prospects for not only themselves but also the needs of patients, including unmet ones (Thomas). With the advancement of technology, the development of clinical and economic arguments is important not only for business but also for society in order to make decisions and choose the most appropriate treatment for patients.
The social orientation of the company is not only what it produces but also how it treats the patient as a consumer of its product. The patient is not a machine for taking drugs; they must be disciplined and understand the essence of the treatment, possible outcomes, side effects. Therefore, companies often support patients with information programs aimed at promoting collaboration between patients and doctors, giving advice on the rules for living with certain diseases, and disciplined drug therapy (Thomas). The companies also support social projects. Patients live a specific life and may not always be fully integrated into normal life. Holidays, various activities, and competitions are held for them, which help them feel like full-fledged members of society.
Works Cited
Kruglyak, Igor. Pharma Will Innovate and Prosper Further: Top 10 Pharmaceutical Industry Trends in 2022 . Avenga. 2022. Web.
Thomas, Rachel. Pharmaceutical Industry Ethics . Seven Pillars Institute. 2017. Web.
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