Pharmaceutical Industry : The Biggest Profits

1579 WordsApr 4, 20167 Pages
Of all the innovation businesses in industry, the pharmaceutical industry produces the biggest profits; in 2013 five of the pharmaceutical giants made net revenue of more than 20%. The United States represented almost 50% of the worldwide pharmaceutical market, and at the forefront was the United States pharmaceutical mammoth Pfizer.(Anderson, 2014) The pharmaceutical industry is ethically unique because of its capacity to impact innumerable lives by improving the quality of life or by providing life-saving medications. Consumers must remember that the pharmaceutical industry is as much as a business as any other industry. And as such, they are in the business to make a profit. By exploring what it takes to get a drug into the hands of the consumers, the patent process that pharmaceutical companies use to gain profits, and by examining a pharmaceutical giant’s success and failures, students can come to comprehend why innovation in the drug industry costs so much. It takes an average of 350 million dollars and twelve years for a United States company to get an experimental drug from the laboratory into the hands of a consumer. (Drug, 2016) The Food and Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) closely monitors the United States pharmaceutical industry, one of the most stringent pharmaceutical systems in the world. The job of CDER is to evaluate each and every new drug before approving it for market. In order to pass this evaluation to bring
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