New Management Challenges for the Pharmaceutical Industry

By | March 1, 2021

The pharmaceutical industry makes, finds, develops, manufactures, and sells pharmaceutical drugs or medicine for the purpose to heal people, to treat them, cure them, or relieve their symptoms. Pharmaceutical firms can deal in both branded and generic drugs and medical devices. Their sales and development activities encompass research, development, testing, manufacturing and distribution. Many drugs in the world are developed by pharmaceutical companies.

The basic function of the Pharmaceutical Industry is the production of medicines. The other functions of the Pharmaceutical Industry are marketing, advertising, corporate affairs, financial management etc. The manufacturing of medicines has a huge scope. In fact it is one of the major producers of goods in the world.

With the growth of the economy of any country there is a corresponding increase in the demand for medical services and pharmaceuticals. The Pharmaceutical Industry has come up with new viruses and infections that call for new drugs. It requires large investments from time to develop these viruses and produce efficient drugs. Hence it is not easy to keep the costs under control.

With a Usage rate increasing day by day the present market size is $65 billion dollars. This makes the pharmaceutical market one of the largest. With a Usage rate varying from one country to another it is difficult to keep the costs under control. With this many patent producing companies have come up with new drugs that claim to treat different diseases.

With the introduction of the internet it has become easier to access the information of all kinds on the subject of healthcare. A search through the internet will yield several websites of pharmaceutical manufacturing and suppliers. These websites provide information on new drugs, manufacturing technologies, the medical claims process and the medical device manufacturers. The pharmaceutical article continues with a discussion of the various pharmaceutical industries and their importance to the economy.

As we know there are three prominent sectors in the Pharmaceutical Industry. These sectors are Biotechnology companies, Nanotechnology companies and Organic Drug Manufacturers. The article continues with a discussion on the importance of Pharmaceutical engineering. The article includes a brief discussion on the financial importance of Pharmaceutical Engineering. The articles contain information on the various technologies that are being used by these companies. Some other technologies such as Genetic alteration and DNA cloning are also discussed briefly in the article.

The next topic in the series discusses the role of the international regulatory bodies such as the FDA and the European Medicines Agency in the regulation of the pharmaceutical industry. The article continues with a discussion on the various challenges that face the pharmaceutical industry in terms of supply chain management, manufacturing and research and development activities. These challenges are faced by many of the leading pharmaceutical manufacturing companies of the world. In this scenario, the article concludes with a review on how Pharma companies can effectively manage the supply chain in a cost-effective manner.

Finally, the article concludes with a discussion on the challenges that the pharmaceutical industry will have to confront in the next normalcy period. According to the authors of the book, these challenges will have to be tackled in order to maintain the integrity of the drug supply chains. The challenges include contamination of supply chains, loss of market share, counterfeit products and loss of customer trust. The article emphasizes the need for rational and effective strategies to tackle these problems. Efforts by Pharma industries should be backed by robust and well developed public health and safety systems.