Pharmaceutical Research and Manufacturers of America (PhRMA) Debbie Edwards-Kyser HCA432 Stevens-Henagar College Brandy Morgan May 9, 2013 Abstract In this paper I will discuss Pharmaceutical Research and Manufacturers of America (PhRMA) I will talk about its purpose, scope, design, application, and how they affect the healthcare economy. Introduction The Mission of PhRM is, “To conduct effective advocacy for public policies that encourage discovery of important new medicines for patients by pharmaceutical and biotechnology research companies.” [ (PhRMA Reasearch, Progress, Hope Health Coutcomes Reasearch, 2013) ] PhRMA does extensive research on the different medical treatments from a variety of sources. The research …show more content…
Making sure that the research that is done is up to date in this ever changing field so that it is providing the best results possible. The research needs to be both of a broad nature as well as a specifically direct nature, covering aspects that are important to society and the patients. Considering both economic issues and how well patients can be productive members of society, doing additional research to get patients to that point if they are not. Application PhRMA needs to make sure that the research that they are doing shows that not all patients are equal in the needs that they have medically and that if the research is not done on a personal level and done instead on a population level then the results will not show the individuals needs. In short, research that is done on a broader spectrum is only one way that can help people and the doctors to make an informed decision on care. With all of the technology that is out in the world of healthcare people needs to be informed on the other options that they may have for treatment. The government research should consider a balance in communicating the findings of its research. Giving access to peer reviewed results so that treatment decisions are well rounded before a decision is made. “Government decisions related to the funding and conduct of health outcomes research should be made through open, transparent procedures that ensure appropriate and timely involvement of stakeholders such as patients, health
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
Improvements in health care and life sciences are an important source of gains in health and longevity globally. The development of innovative pharmaceutical products plays a critical role in ensuring these continued gains. To encourage the continued development of new drugs, economic incentives are essential. These incentives are principally provided through direct and indirect government funding, intellectual property laws, and other policies that favor innovation. Without such incentives, private corporations, which bring to market the vast majority of new drugs, would be less able to assume the risks and costs necessary to continue their research and development (R&D). In the United States, government action has focused on creating the environment that would best encourage further innovation and yield a constant flow of new and innovative medicines to the market. The goal has been to ensure that consumers would benefit both from technological breakthroughs and the competition that further innovation generates. The United States also relies on a strong generic pharmaceutical industry to create added competitive pressure to lower drug prices. Recent action by the Administration and Congress has accelerated the flow of generic medicines to the market for precisely that reason. By contrast, in the Organization for Economic Cooperation and
The management team at the over-the-counter cold medicine (OCM) group of Allstar Brands is looking to utilize revenue generated by Allround to help fund new opportunities in emerging markets. Therefore, it is critical that Allround maintain its market-leading position in terms of market share, profitability, and sales in order to fund these new initiatives.
Evidence-based practice is an approach used by health care professionals to continually use current best evidence-based research to make ethical and reliable decisions regarding patient care. “Research to promote evidence-based practice is becoming more and more a part of the regular work of health care leaders” (Grand Canyon University, 2015, p. 1). However, it is important to determine the difference between solid research and flawed research that provides unreliable inferences. Evidence-based research includes focusing on a clinical question; and includes the review and incorporation of several studies to strengthen the results of the new study (Grand Canyon University, 2015). Roddy et al. and Ganz et al. articles will be assessed to determine if the recommended changes were backed by solid research that warrants changes in a hospital.
First of all, gather all the information, such as facility policies and procedures. Research should be evidence-based. Why is it being implemented? How will we be affected? Perhaps other hospital's data could help in presenting the new procedure and how they implemented
To enable them to do this they need to understand recent research, always weighing up the evidence to their own knowledge base, and expertise. Scientific research enables an approach, to evolving knowledge and practice, and in this way, one can test out their beliefs to either prove or, alternatively, to attempt to disprove them. Another name for critical practice is ‘evidence based practice’. Evidence-based practice (EBP) is an interdisciplinary approach to clinical practice. Its basic principles are, that all practical decisions made, should be based on research studies, and that these research studies, are selected and interpreted, according to some specific norms characteristics for EBP (Birger, 2011). Using EBP gives practitioners the reassurance that they are giving the patient the correct treatment, and not just giving them what they believe is correct, whilst using their own current knowledge only. Practitioners make decisions every day, and for some, these decisions can be life threatening. This enables the practitioner to know, that what they are doing is the right thing to do. Marsh et al. (2005) argues that all practitioners’ actions and their final decision on medication and/or treatment should come from research and proven theory. They tell us, that the better a practitioner is informed; the better it is for those, who find themselves in a highly disadvantaged state i.e., someone who has been diagnosed with a life threatening
PhRMA supports the development of high quality information about patients’ medical treatment options. Empowering patients and physicians with high quality information will help ensure that our health system efficiently delivers the best possible results for all patients. Research from a range of sources in the public and private sectors provides valuable information for patients and health care professionals in making treatment decisions.
Although R&D has been retained by the large pharmaceutical firms, there has been a continuous decline in the R&D productivity. Controlling R&D is imperative to the success of a Pharmaceutical firm. However, as the pharmaceutical industry is maturing, there are diminishing returns to the R&D investment. Fewer and fewer blockbuster drugs are being discovered and therefore R&D is not the most value adding component in the value
Think about your identified clinical problem and your tentative ideas for your evidence-based practice project, what are some of the potential policy implications at an institutional, regional, state, national, and international level.
Recently, there has been a debate about the high prescription drug prices in the United States. Accounting for 9.7% of the national health expenditure, $329.2 billion was spent on prescription medications ($931 per person) in 2011 (Linton, 2014). So what exactly is the average American getting with their $931? Well, because there is an extraordinary amount of time, effort, and energy that goes into creating, manufacturing, and distributing a new drug, it’s no wonder the prices are so high. But what other costs are folded into the prices of your prescribed medications? This review looks beyond just the research and development costs needed to take a new drug from idea to shelf by examining several journals and other credible, secondary sources, to shed some light on how much pharmaceutical companies are spending to develop, advertise, and sell their drugs.
In 2005, Phillip (Phil) Landgraf faced several glaring problems in the financial performance of his company, BioPharma, Inc. The firm had experienced a steep decline in profits and very high costs at its plants in Germany and Japan. Landgraf, the company 's president for worldwide operations, knew that demand for the company 's products was stable across the globe. As a result, the surplus capacity in his global production network looked like a luxury he could no longer afford.
This report provides an analytical strategic review of the global pharmaceutical industry; its origin, evolution,
Even with persistent aggravation related to the time delays in health research, there is still little understanding as to why it is consistently taking over a decade to become translated into practice. In a study published in the Journal of the Royal Society of Medicine concluded that reducing this time lag needs to be a top priority for health research systems. However, there is still a persistent lack of knowledge as to why there is a lag from, research to practice. Therefore, with that lack, it places the persons responsible for translating that data into best practices, at a disadvantage (Morris et al., 2011), and therefore inhibiting high quality and cost-effective care that is the goal of healthcare providers, policy makers, regulatory bodies, and third party
CHICAGO, August X, 2015 – The growing economies of Asia, Central and South America are providing fertile ground for middle-market pharmaceutical and biotechnology corporate growth. While multinationals fill their innovation pipelines in North America, branded and generic producers alike are expanding their real estate footprints to reach new markets in Asia and South America, according to JLL’s fourth annual Life Sciences Outlook Report .
Lack of scientific productivity and innovation is one of the main issues the pharmaceutical industry is suffering from. Research is the essence of pharmaceutical industries. Researchers and developers are under serious scrutiny and extreme safety standards by the Food and Drug Administration (FDA). This results in little room to innovate. There are fewer products being permitted and scientists are thus failing to reach potential in delivering care for patients and their own commercial profits. Companies do not take risks and therefore have bad portfolios. Pharmaceutical industries need to allocate the expense and the risks of backing research and development. Innovation is a