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Pharmaceutical innovations are currently guided by a patent system, [1] the patent system protects the innovator of medicines for a period of time. The patent system does not currently stimulate innovation or pricing that provides access to medicine for those who need it the most, It provides for profitable innovation. [ 2 ]
In 2005 money spent on pharmaceutical marketing in the United States was estimated at $29.9 billion with one estimate as high as $57 billion. [2] When the US number are broken down 56% was free samples, 25% was detailing of physicians, 12.5% was direct to users advertising, 4% on hospital detailing, and 2% on journal ads. [29]
For a variety of reasons, drug companies are now increasingly relying on direct marketing to American consumers. Last year, the pharmaceutical industry spent $5.2 billion on ads promoting specific drugs—an increase of 16 percent over the previous year.
Pharmaceutical companies shifted the focus of their marketing efforts to licensed medical doctors in the 1970s, as the FDA mandated that only doctors could prescribe medicine. [8] However, a larger movement towards autonomy in health care decisions prompted the first prominent examples of direct-to-consumer advertising.
Pharmaceutical firm’s product pipelines are also essential because they indicate to investors the firm’s potential and possible future profits. [11] How many drugs and how far they are along the product pipeline will determine how easy a pharmaceutical firm can gain investment to continue research and development.
Due to the need for comparable and reliable information related to pharmaceutical product research and marketing in the 1960s, [6] various European companies sent their representatives to meet in Geneva on 5 May 1961. This meeting cause the foundation of the European Pharmaceutical Market Research Association (EPHMRA), carrying the aim to ...
In exchange, pharmaceutical companies commit to providing doses at a fixed price. This funding mechanism is used when the cost of research and development is too high to be worthwhile for the private sector without a guarantee of a certain quantity of purchases. The idea of advance market commitments was developed by economists in the 2000s.
Drug development is the process of bringing a new pharmaceutical drug to the market once a lead compound has been identified through the process of drug discovery.It includes preclinical research on microorganisms and animals, filing for regulatory status, such as via the United States Food and Drug Administration for an investigational new drug to initiate clinical trials on humans, and may ...