How Pharmaceutical Companies Affect the Healthcare System
How Pharmaceutical Companies Affect the Healthcare System
Yan Li, Ying Li, Nancy Nycum, Maria Rubi, Cristina Sanchez
Florida International University
Executive Summary
The Pharmaceutical industry has been around since the Middle Ages, and it has affected healthcare in many ways. The development of medicine and having a scientific approach, while being able to understand the human biology such as DNA, has helped achieve miracles. One of the most well known pharmaceutical companies Pfizer has grown since 1849 when it was founded, and they have taken great measurements to achieve success in this field (Pfizer, 2010). They invested much of their shareholder’s money to create penicillin at a faster rate to help war victims during the war (Pfizer, 2010). Although there has been a vast variety of competition in the 21st century, the pharmaceutical industry during the 20th century did not have much competition and doctors did not mind as much to pay x amount of money for drugs. Patients were not well informed, and counted on their doctor to provide them with the correct treatment (A Recent History, 2007). From the beginning of time this industry has helped patients live longer and has transformed healthcare. The pharmaceutical company is made up of a number of different functions and departments. Each of these functions is given a responsibility in one area of the company’s activity. These departments are closely related and the success of the company is based on the ability of these functions to work together. The pharmaceutical companies rely on research and development to find new and innovation new drugs. In order for a drug to enter the market it must undergo a series of tests and clinical trials. There are phases the drug must go through and complete in order to meet the requirements of the FDA. The development of a drug is an ongoing journey, and it can take up to 12 years to develop a drug (Pharmaceutical Patents 2006). The pharmaceutical company uses
Yan Li, Ying Li, Nancy Nycum, Maria Rubi, Cristina Sanchez
Florida International University
Executive Summary
The Pharmaceutical industry has been around since the Middle Ages, and it has affected healthcare in many ways. The development of medicine and having a scientific approach, while being able to understand the human biology such as DNA, has helped achieve miracles. One of the most well known pharmaceutical companies Pfizer has grown since 1849 when it was founded, and they have taken great measurements to achieve success in this field (Pfizer, 2010). They invested much of their shareholder’s money to create penicillin at a faster rate to help war victims during the war (Pfizer, 2010). Although there has been a vast variety of competition in the 21st century, the pharmaceutical industry during the 20th century did not have much competition and doctors did not mind as much to pay x amount of money for drugs. Patients were not well informed, and counted on their doctor to provide them with the correct treatment (A Recent History, 2007). From the beginning of time this industry has helped patients live longer and has transformed healthcare. The pharmaceutical company is made up of a number of different functions and departments. Each of these functions is given a responsibility in one area of the company’s activity. These departments are closely related and the success of the company is based on the ability of these functions to work together. The pharmaceutical companies rely on research and development to find new and innovation new drugs. In order for a drug to enter the market it must undergo a series of tests and clinical trials. There are phases the drug must go through and complete in order to meet the requirements of the FDA. The development of a drug is an ongoing journey, and it can take up to 12 years to develop a drug (Pharmaceutical Patents 2006). The pharmaceutical company uses
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