Economy’s Impact on the Pharmacy Industry Essay

My strongest impetus for the study of this major is pegged on the personal urge to improve the lives and health of those around me. I would only be able to serve the health of others when I am fully acquainted with the knowledge of pharmacy, which to me is one of the noblest professions. I am deeply concerned about the welfare of others. My experiences, especially as I visit hospitals form a significant part in influencing my choice to study pharmacy. At one point, I felt very bad when a pharmacist in a hospital I had visited was very indolent in serving a patient. All human beings would feel adored and valued when they are given appropriate attention in regard to their health. The health profession has a mission geared towards safeguarding people's health and that mission is perfectly in sync with my desires. I want to be exceptional, to do my best in caring for people, and attend to their interest to the best of my knowledge. I admire nourishing hope to desolate patients and always give them a reason to

Specify the types of country risks that pharmaceutical firms face in international business. How do the political and legal systems of countries affect the global pharmaceutical industry?

U.S. based companies hold rights to most of the world’s rights on new medicines and holds thousands of new products currently being developed. As of 2012, the industry helps support almost 3.4 million jobs in the U.S. economy. It is also one of the most heavily R&D based industries in the world. In the United States, the environment for pharmaceuticals is much friendlier than other countries around the world in terms of pricing ability and regulations. Both the Pharmaceutical and Biotechnology industries have experienced significant growth in the past year with year-over-year increases of 13.02% and 34.69% respectively. It is an even more striking when looking at the past five years considering both have beat out the S&P 500 with pharmaceuticals increasing an additional 31.44% and the biotechnology sector besting an astonishing 269.3% more return than the

In the delivery of healthcare every member of the healthcare team plays important role in ensuring that the most appropriate care is provided to the patient to the best of their expert capabilities. The role of a pharmacist is critical in delivering quality healthcare. The article “What Pharmacist Do?” by Bureau of Labor Statistics (2012) provides detailed statement of the important roles pharmacists play and the services they provide in healthcare delivery.

prescription drugs, which will play a big role in the increase of profits for pharmaceutical

Five of the top ten pharmaceutical companies are located in the United States and the other five are European companies, all of these companies combined, employ approximately 787,000 people. The ranking of the following pharmaceutical companies are based on

Pharmacists work environment of pharmacists is usually in retail places, hospitals and research facilities. The most common retail places pharmacists work are CVS, Rite Aid, and Walgreens. In Pennsylvania alone the average amount of annual openings is 400. In Pennsylvania alone, the employment number of “pharmacists is expected to grow by seventeen percent between 2008 and 2018” (“Outlook”). The employment number increase for pharmacists is higher than any other occupation. “The reason that pharmacist job prospects are high is because employers have problems attracting pharmacists because of the limited number of PharmD programs” (“Outlook”).

The medical world has noticed several changes and improvements during the past century, but maybe none that 's as economically rewarding afterward the prescription drug business. New medications turn-up regular and maintain to treat a growing number of ailments. Around the corner of each and every block is a drugstore as well as their shelves are stocked with prescription drugs plus it looks they 're here to stay. Most frequently we change to

The rise in costs of prescription medicines affects all sectors of the health care industry, including private insurers, public programs, and patients. Spending on prescription drugs continues to be an important health care concern, particularly in light of rising pharmaceutical costs, the aging population, and increased use of costly specialty drugs. In recent history, increases in prescription drug costs have outpaced other categories of health care spending, rising rapidly throughout the latter half of the 1990s and early 2000s. (Kaiseredu.org, 2012).

In the business of drug production over the years, there have been astronomical gains in the technology of pharmaceutical drugs. More and more drugs are being made for diseases and viruses each day, and there are many more drugs still undergoing research and testing. These "miracle" drugs are expensive, however, and many Americans cannot afford these prices.

Prescription drugs all around are very expensive, but without out them some of us would not be able to say we are alive. We can still see the price of these prescription drugs go through the roof as we speak. Although most of low-income workers can barely afford medicine and drugs, one way or another, we make it work because without it we would be dead. Although having insurance covers a lot of our medical health expenses, such as medical bills, prescription bills, hospital bills and things of this nature. As the cost of prescriptions keep going up, sometimes our insurance companies cannot cover the cost because they have hit their Cap of money able to spend. Some insurance companies have Cap for a person or a cap for a whole family it can be yearly or annually it just depends on the “deal” you worked out with your insurance provider. Most families, like my own make due to cover the cost of having insurance, yet we have to still be able to cover what remains of the prescription cost if we want to live. Money sometimes is very tight and meeting these necessary financial situations get tough.

“Helping people on their path to better health” is a quote used by CVSHealth, I first heard it during the orientation for my pharmacy technician job. I love this quote because it really defines my purpose for wanting to be a pharmacist in the simplest way. My journey to becoming a pharmacists consist of why I selected pharmacy as a career, future goals, and my backgrounds that will help me achieve the goals that I set for myself.

Today in the 21st century the roles of pharmacist have expanded tremendously. Before pharmacist had the role of solely dispensing drugs. Pharmacists were limited to only being regulatory or clinical pharmacist. Back then they were called medical purveyors who were much like today’s regulatory pharmacist and hospital pharmacist who are similar to hospital pharmacist. Now pharmacists carry many roles in healthcare. Pharmacist can play roles in public health, community, health systems, state, and federal government.

Yes, there is an impact on the pharmaceutical company, like those in the US as a result of differential prices between that country and other nations.

This career goes unnoticed because many do not see the importance of it. Without this field, the balance in the medical community would be disrupted due to patients not receiving their medication to sustain their life. Although this career may seem easy, there are important characteristics one must hold in order to be a successful pharmacist.