What is the importance of the pharmaceutical industry?
I want to do my persuasive paper on the pharmaceutical industry but what specifically in the industry should I argue about?
- Frick123Lv 51 decade agoBest Answer
The pharm. industry includes the big drug companies that have the big bucks to carry out large scale studies and have the resources to find new drugs. Usually, new drugs take about $800 million to $1 billion to come out with a new drug, and the pharmaceutical industry and the bigger companies that comprise it *usually* are the ones with this kind of money to carry it out.
Now they want you to think they just care about people and curing or treating illness, but the driving force of all this is to make more money, of course.
So there are good and bad things about the industry. On one hand, they make new, novel drugs that can cure or control widespread diseases or disorders. On the other hand, they will do whatever they can to make money.
For example, if a drug's patent is about to expire (meaning smaller drug companies can come out with much cheaper generics of the big companies' drugs), they will come out with a different isomer of a drug which they claim is so much better, when in reality it doesn't do much more than the original drug. This just makes them money. If they can convince doctors to prescribe the great new drug, this is a huge waste for consumers. This leads to increased insurance premiums and more money out of patients' pockets. A good example that is still very controversial is Celexa, an older drug, which went off patent, and the new, "great" drug, Lexapro. Also, Kapidex, the new version of Prevacid.
Drug companies used to give all kinds of stuff away to doctors in order to get their drugs prescribed, including free dinners, tons of money, free vacations, etc. This still goes on, but not nearly as badly as it did in the past.
If you go to Wikipedia, type in "pharmaceutical industry" and it will give info on both the good and bad side of things.Source(s): Pharmacy student
- 1 decade ago
I am not sure if this is what you are looking for, but a big issue in the pharmaceutical industry has always been the balance between patent protection which keeps medication costs high, but which provides the funds for research and development needed to find new medications. Research is expensive and often doesn't materialize into marketable products, so without patent protection to provide payback for the cost of research, the pharmaceutical companies would argue that research wouldn't happen. Or you could discuss the issue of "orphan" drugs - ones that treat rare diseases that are serious, but don't affect enough people to make it profitable to produce the drug.Source(s): 20 years in the pharmacy business
- 4 years ago
effective argument in supporting pharmaceutical industry