Ethics in the Pharmaceutical Industry
Ethics in the Pharmaceutical Industry The pharmaceutical industry started in the middle Ages, 18th AD in Baghdad in 754 by an Arabian. Until the early 70’s the industry grew at a small pace. In the 1970’s business began to boom and competition began to upsurge. In the 1990’s these industries and companies became more aggressive with their marketing strategies. In ’97 the U.S. Food and Drug Administration brought new rules and regulations concerning the marketing area and it required companies to present the risks of the drugs they advertised. Since then pharmaceutical companies have come a long way in terms of their marketing strategies. Millions of dollars are put into research for the drugs that are manufactured. “In 2005 the research and development expenditure for the biopharmaceutical industry within Europe and US was 15,474 billion euro.” (The Pharma Industry Figures, 2006). Since there is a lot of money that is invested in the process of discovering and developing a drug, testing it to see whether or not it is innocuous, seeking permission from the regulatory boards in order to put it on the market. The companies have much at stake and they focus on sales in order to make profits. “Pharmaceutical companies commonly spend a large amount on advertising, marketing and lobbying. In the US, drug companies spend $19 billion a year on promotions.” (Wikipedia)
Sales representatives are a very important tool in the marketing of their drugs. “Currently, there are approximately 81,000 pharmaceutical sales representatives in the United States pursuing some 830,000 pharmaceutical prescribers.”(Wikipedia) In an effort to have an extensive clientele list, they have become well known for their ways of persuading physicians and medical students to endorse their products. “A pharmaceutical sales representative is the key part within the sales of all drugs. They are responsible to ensure the healthcare profession is informed of the benefits of the drug along with the
Sales representatives are a very important tool in the marketing of their drugs. “Currently, there are approximately 81,000 pharmaceutical sales representatives in the United States pursuing some 830,000 pharmaceutical prescribers.”(Wikipedia) In an effort to have an extensive clientele list, they have become well known for their ways of persuading physicians and medical students to endorse their products. “A pharmaceutical sales representative is the key part within the sales of all drugs. They are responsible to ensure the healthcare profession is informed of the benefits of the drug along with the