The Medical Device And Pharmaceutical Industries

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

Each product must go through a progression of approval, clinical trials, and post market observation protocols in order to ensure its safety and effectiveness. Stages in the development of medical technologies are scientific background and development of idea for a product, product development, approval, and distribution, diffusion, adoption and utilization of the product. Health care professional, patients, families, and policy makers all struggle to understand how health is affected by behavior, economic and social

One technological change that may have the largest effect on our lives today is the rapid growth of medical technology development. Three main effects that medical technology has impacted our modern society are prolonging lifespan, improving quality of health care and promoting nation’s economic growth. The three stages of medical technology are review by regulatory agencies, technology assessments by insurance carriers, and review by purchasers, clinicians, and consumers. Review by regulatory agencies is the most recognized of the three stages and is administered by the Food and Drug Administration (FDA). The FDA is responsible for protecting and promoting public health by regulating pharmaceutical products and medical devices. Each product must go through a series of approvals, clinical trials, and post market surveillance protocols in order to ensure its safety and effectiveness. www.nap.edu

Medical technology encompasses a wide range of healthcare products and is used to diagnose, monitor, and treat diseases or medical conditions that affect humans. This may included but not limited too, pharmaceuticals, vaccines, and medical equipment. Such technologies are intended to improve the quality of healthcare delivered through earlier diagnosis, less invasive treatment options and reductions in hospital stays and rehabilitation times. Recent advances in medical technology have also focused on cost reduction. Medical technology may include medical devices, information technology, biotech, and healthcare services. The impacts of medical technology may involve social and ethical issues. For example physicians may seek objective information from technology rather than listening to subjective patient reports. A major contributor of healthcare expenditure in America is the advancement of medical technology. According to several studies it is shown that there is a correlation between the nation’s gross domestic product (GDP) and money allocated to healthcare. One of the leading theories is that medical technology is growing faster than expected.

Many factors prompt the innovation of new technologies: Consumer demand, clinical accountability, medical advancements, research agendas, population health targets and the capacity and resources

The government plays an integral part in refining population well-being worth and protection in the United States such as reducing medical errors and enhancing patient safety. The government is in forefront for the procurement and delivery of health care, overseers for health care marketplaces, and safeguard admittance to superiority up-keep for the susceptible population who cannot afford health care. The government’s obligation to safeguard and innovate the concern of society comprises the distribution of quality health care. In concern that marketplace unaided cannot certify totally Americans admittance to superiority health care, the government must uphold the curiosity of its inhabitants by augmenting the marketplaces wherever there are holes and modify the marketplaces wherever there is an inadequacy and injustice. The government backs innovative health technology procurement for practice purposes,

Are prescription drugs overprescribed? Are patients being prescribed the correct medications that they actually need? Are generic drugs doing the same for the human body that marked up brand name medications are? These are some of the public’s biggest questions that can be easily answered by research. Everyone is affected by medication and healthcare in general today. Many real life scenarios are offered throughout this writing to support the argument. The following thesis statement is a worldwide problem. Unfortunately, the United States has the largest problem with inflation of drug cost and over-prescription of medications. Many people are to blame: drug manufacturers, insurers, prescribers, educators, and many others. A change is needed.

One of the main challenges regarding the growing use of medical technology in the United States is the growing costs that go along with these changes. These state of the art machines as well as new drug and biological developments come at huge costs which in turn are partially paid by patients and consumers. This has led to huge increases in the average costs of healthcare (Begay, “Technology” Lecture, 10/31/17).

The lack of access in developing countries to the cheap drugs that we take for granted in our "developed" society and that would solve more than 90% of the health problems that afflict underprivileged countries”( Serrano,3 ). The less-developed countries that provide healthcare for all its citizens and those countries are more successful than our own because in developed countries like Hong Kong’s universal health care system has heavy government participation -- in Hong Kong health care system public hospitals accounts for 90 percent of in-patient procedures, while the many private options are used by the rich people.

A substantial piece of the U.S market in the health sector is run by the prescription drugs and, therefore, making the U.S the global largest market of pharmaceuticals accounting for more than a third of the world’s expenditure on drugs. It is estimated that in 2014 slightly over $300 billion were spent on prescription drugs which accounts for roughly 10 cents of every dollar in the U.S healthcare market. The U.S expenditure on prescription drugs has been growing at an annual rate of 11% for the last 27 years between 1980 and 2007. But the expenditure has slowed between 2008 and 2013 to about 2% annual average which has been occasioned by several reasons including the 2008 financial quagmire which was also responsible for the reduction in the overall U.S health care costs, the application of controls towards insurer drug utilization and also the production of a less amount of new blockbuster drugs within that period (Institute for Healthcare Informatics, 2014)..

Americans’ views of the pharmaceutical industry slipped back into negative numbers in 2015. Gallup’s annual measure of 25 major U.S. business sectors revealed that the percentage of Americans with a positive view of the pharmaceutical industry dropped from 40% in 2014 to 35% in 2015. The percentage with a negative view rose from 36% to 43%. This leaves the pharmaceutical industry with a negative net positive rating of -8 in 2015 (Norman). This negative opinion of the pharmaceutical industry is due the recent increasing controversy surrounding pharmaceutical marketing, influence, and also over private companies who own the manufacturing licenses of various drugs that allow them to control drug prices and their availability on the market.

The forces driving medicalization are 1) biotechnology which included the pharmaceutical industry and genetics, 2) managed care and 3) consumers. Galvanized in this way medicalization has become a powerful force in society. Our remit in this paper is to examine whether this is for the better or the worse.

The world is a dynamic place and so are the needs that individuals face within the society with one of the sectors where needs change in a rapid manner being the medical field. Here, numerous researches have to be conducted continuously with the view of meeting requirement whose complexities increase by the day. Personalized Medicine constitutes one of the areas where such researched have been advanced. This concept has been applied in changing the face of patient management away from what is normal in conventional medicine. This technology as applied in the modern world has presented a number of benefits, both the patients and the physicians (Clayton et al, 2006). However, a number of constraints associated with the practice cannot go unnoticed. Personalized Medicine has been linked to a number of psychological and Sociological effects within the society. The application and distribution of this kind of technology has also been faced with a number of challenges, some regulatory and others related to policy issuing. Further, considerable disparities have been considered with respect to the implementation of the technologic. Among these issues are those that are economic related with other hinged towards aspects of health. Additionally, Personalized Medicine has specific features and technologies whose applications in the practice are vital; these include the

Researchers at Center for Medicare and Medicaid Services found advancements in technology as the main reason for rising healthcare cost. On reason for this is research, millions and billions of dollars is spent every year to develop new technology and find cure to many diseases. Many pharmaceutical companies have come under hammer for high drug prices and huge spending on research. According to researchers from Tufts University, pharmaceutical drug costs increased from 5.5-8.5% of total healthcare spending during the 1990s (CITE). About $111 billion dollars was spent on research in the United States, with pharmaceutical and biotechnology industries topping the table. There’s no denying the fact that research helps

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.