Quality Initiatives in the Pharmaceutical Industry
An analysis of the enormous demands placed on the pharmaceutical industry by the public and government agencies.
This paper describes the pharmaceutical industry’s role as one of the largest contributors to economic growth in the United States. It illustrates the tremendous pressure the pharmaceutical industry is under, to meet the increasing demands for their product and maintain the quality standards of the regulatory agencies. The writer explains why it is in the best interest of the industry to attempt to maintain the high standards placed on them.
According the US Business Reporter (2002), annual spending on prescription drugs is expanding at close to 14% on and annual basis. Several companies and drugs have led this increase, particularly Warner-Lambert’s Lipitor, Eli Lilly’s Zyprexa, Monsanto/ Pfizer’s Celebrex, and Merck’s Vioxx (US Business Reporter, 2002). The same article notes that the pharmaceutical industry typically operates on a 14-15% profit margin. This makes the pharmaceutical industry one of the largest contributors to economic growth in the Untied States.
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