Environmental factors affecting the pharmaceutical industry

Curtis Hill

Assignment 03: Benchmark: A Starting Point

HA4110D – Healthcare Planning and Evaluation

Robin Bolton

January 24, 2021

Pharmaceutical Industry

The Pharmaceutical industry is known for discovering, developing and producing drugs or medications that are administered to patients with the intention of curing, vaccinating or alleviating symptoms of different diseases (Farooq, 2020). The Pharmaceutical industry usually deals with brand or generic medications and also the production of medical devices. This industry is closely related to the health sector because the drugs which are used in the hospitals are usually manufactured by these industries. Pharmaceutical industries are majorly affected by environmental factors which include political, economic, social and technology.

For political factors, this industry is subject to variety of laws set by states for regulation in developing, testing and also marketing of the drugs produced. Government agencies and other drug related laws usually govern the operations of this industry for the safety and health of the patients who receive these medications (Farooq, 2020). There are also regulations on where these drugs can be sold, because these manufactured drugs can be sold directly to the patients or to hospitals and other pharmacies. These regulations that govern this industry also have a positive advantage because they act as a barrier to entry of new competitors and therefore it is hard for new industries to venture in this business giving the established companies least competition.

There is also pressing pressure when it comes to selling these drugs to the consumers. This is because these drugs are lifesaving and therefore the government cannot allow these industries to sell them at a higher price which will make them unavailable to the needy. In the past the prices of these drugs were not controlled by the government, but the industry started hiking the prices such that they were not affordable to many of the patients and therefore the government took over to controlling the pricing of these drugs (Bush, 2019).

In the economy factor the health care spending is steadily growing because of other factors such as increased lifestyle diseases and therefore this has led to increased or greater revenues for this industry. As for social factors there is a growth in the ageing population which means that there is an increase in age related health complications therefore the pharmaceutical industry will be able to produce more drugs to cure such complications (Farooq, 2020). With the growth in the ageing population this means that the production of age-related drugs will also increase therefore increasing the revenue of the pharmaceutical industries.

There is also increased growing obesity rates in the current generation which lead to increased lifestyle diseases such as diabetes. Such health-related diseases mean that the pharmaceutical industries have to come up with the drugs to cure these diseases which means that the revenue will be increased because a lot of people need these drugs to cure the lifestyle diseases. There is also a health-conscious trend in the current generation meaning that people are striving to live healthy and take supplements to keep their immune system in check, presenting an opportunity for the pharmaceutical industry to provide health related solutions to this generation, hence growing its revenue.

As for the technology there is a growth in biotechnology industry which can take from the pharmaceutical industry because bio technological industries are focused on producing healthier food options and substituting their normal options that usually cause diseases and therefore there will be a reduced need for massive pharmaceutical treatment in the future (Bush, 2019). The Process of producing a new drug is usually complex and filled with risks and therefore a competitive market benchmark analysis is very important in the Pharmaceutical industry. This industry is highly competitive as for the current top 10 pharmaceutical industries, nine of them come from the United States and therefore this industry is very competitive in the United States (White, et al, 2019). These companies usually compete amongst themselves and both of them produce generic and branded drugs. The productor service categories in the committed care industry include oral drugs, parental formulations, novel drugs formulations, topical medicine oncological formulations and modified medical formulations (Yaseen, et al, 2018). These different types or group of drugs are important in the pharmaceutical industry and therefore there is a competition of producing all these categories which are in high demand. Chief providers of these medicines are images of competition in the pharmaceutical industry and every company is focused on providing a better version of the same drug which is more effective and also affordable.

References

Bush T. (2019). PESTLE Analysis of the Pharmaceutical Industry. Retrieved from https://pestleanalysis.com/pestle-analysis-of-pharmaceutical-industry/

Calcagno, C., Chapsal, A., & White, J. (2019). Economics of excessive pricing: an application to the pharmaceutical industry. Journal of European Competition Law & Practice, 10(3), 166-171. Retrieved from https://academic.oup.com/jeclap/article/10/3/166/5362539?login=true

Farooq U. (2020). PESTLE Analysis of The Pharmaceutical Industry. Retrieved from https://www.marketingtutor.net/pestle-analysis-of-the-pharmaceutical-industry/

Yaseen, M. M., Sweis, R. J., Abdallah, A. B., Obeidat, B. Y., & Sweis, N. J. (2018). Benchmarking of TQM practices in the Jordanian pharmaceutical industry (a comparative study). Benchmarking: An International Journal. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/BIJ-04-2017-0076/full/html


Get Professional Assignment Help Cheaply

fast coursework help

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Our essay writers are graduates with diplomas, bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

How It Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essaysmile and order essayPLACE THIS ORDER OR A SIMILAR ORDER WITH ASSIGNMENT DEN TODAY AND GET AN AMAZING DISCOUNT

order custom essay paper
Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 20% with the discount code VICTORY