Pharmaceutical companies have got a bad rep. The truth is that most people are good, and the majority of drugs businesses are full of diligent scientists, marketers, and business experts, who are convinced they’re making a difference for many people across the world, who are suffering with severe medical conditions. Of course, to some employees, it’ll be business as usual, but in general, staff at pharma companies dream of advancing academic and scientific knowledge.
The Food and Drug Administration has approved drug after drug, as new medicines have been discovered to treat cancer and rare diseases. With the continued support of the pharma industry, life-changing solutions to health problems can be found. The leaps and bounds we’ve made in recent years, over human genetics, have empowered us to make even more effective drugs.
Three Visions For The Future
The traditional method of pharma business is purely working on a variety of diseases to make patients feel more comfortable and increase their potential lifespan. Usually drug companies following the traditional model will focus on mental illness, cardiovascular problems, and diabetes. Marketing these revolutionary medicines to insurers and governmental bodies help pharma companies get the money they need for new treatments.
Another mode for the future includes ‘diamond hunting.’ These pharma businesses will largely ignore the common diseases and go for gold. Instead of developing drugs for ‘soft’ medical problems, diamond hunters will go for lethal mutations, such as rare diseases or cancer.
To succeed, the treatments must be highly effective. In return, a pharma business will garner between tens of thousands and hundreds of thousands of dollars for every patient treated. Of course, no average individual can afford such a price, but governments will do what they can to snap up these lifesaving drugs.
Vision three is yet to take form. Largely talked of in secret, pharma companies are planning an approach to selling drugs that would be available to everyone internationally, and highly lucrative. Medicines for common diseases could be branded and monetised, even in countries that are only just starting to use pharmaceuticals. This would mean everyone could access the medicine they needed, for the right price, and drugs companies would also make a profit; perhaps largely through pharmaceutical contract manufacturing.
Health Care System
With the health care system in the US set to change, pharmaceutical companies will have to evolve or die. Obama’s reforms are not necessarily bad news for drug businesses; in fact, this could spell a new age of innovation and development. Working and negotiating with politicians will help keep the pharma industry strong.
Although drugs companies would clearly benefit from a pro-business Republican party, which supported faster drug approvals and fewer pricing pressures, the pharma sector doesn’t truly have any political friends. Even Republican, John McCain, in 2008 argued that pharmaceutical companies are the ‘big bad guys.’ The future of the industry is negotiating with policy-makers over changes to the health care system, to ensure that these lifesaving businesses continue to improve medical treatment for all.
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This guest post has been written for NuPharm Labs. You can tweet your thoughts on this post to the author, Zoe, @bloggingstyle!