Wk 1 Discussion Post E
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Walden University *
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Course
3110
Subject
Medicine
Date
Feb 20, 2024
Type
docx
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Uploaded by DrOstrichPerson35
Pharmaceutical companies are key stakeholders in the pharmaceutical industry. Pharmaceutical companies discover, develop, research, produce, market, and distribute
medication and prescription drugs. They are highly depended on by clinicians, hospitals,
nursing homes, clinics, and patients, playing a vital role in healthcare for their products to invest money to research and produce their drugs. Without pharmaceutical companies, clinicians are unable to deal with the health issues and challenges that patients face, Economic and social factors can impact the success or failure of the pharmaceutical business.
Pharmaceutical companies study the diseases, research, and invent new drugs/medicines for the diseases. Drug discovery and marketing are major expenses for
these companies. Pharmaceutical companies require medical data and reports of patients for researching and discovering new drugs (ScienceDirect, 2024). A specific interest for pharmaceutical companies as stakeholders is research and development. In the beginning stages, pharmaceutical companies research their drug, particularly through research and development organizations. Research enhances the future of the pharma industry. Another specific interest is working with healthcare providers. When a medicine is approved, it does not just hit the healthcare system. It must first pass through the hands of healthcare providers, such as doctors and nurses. Medicine distribution begins with a sales representative. A sales representative is a pharmaceutical company employee who travels to doctors’ offices and hospitals to demonstrate the medicine and get approval for it to be used in a practice (David, 2017). Another specific interest for pharmaceutical companies is working with pharmacies and retailers, who see the medications to the general public, generating profit for the pharma
company.
Healthcare policy involves the creation and implementation of laws, rules, and regulations for managing the nation's healthcare system. The healthcare system consists of services provided by medical professionals to diagnose, treat, and prevent mental and physical illness and injury (Ballotpedia, n.d.). Areas of pharmaceuticals that are impacted by health policy decisions are research funding, government regulations, pricing, reimbursement, formulary management, eligibility, and prescriptions. Managing the costs of pharmaceuticals has received the attention of patients, providers, payers, and policymakers due to ongoing drug price increases and the aggregate impact on healthcare costs. Pharmaceutical innovation is another area of health policy that is frequently associated with pharmaceutical costs. Government policies are proposed and
implemented to encourage the development of major innovations while ensuring sustainable access to pharmaceuticals (Health Affairs, 2024). As a patient myself, with health insurance through my employer, my duty as a stakeholder is to receive care provided by my medical doctor.
References
Ballotpedia (n.d.). Retrieved November 10, 2018, from
https://ballotpedia.org/Healthcare_policy_in_the_United_States
Links to an external
site.
David, J. (2017).
Stakeholders in the pharmaceutical industry.
Retrieved from
https://www.howandwhat.net/stakeholders-pharmaceutical-industry/
Links to an external site.
Links to an external site.
Health Affairs. (2024),
Pharmaceuticals.
Retrieved from
https://www.healthaffairs.org/topic/51#:~:text=Areas%20of%20pharmaceuticals
%20that%20are,management%2C%20eligibility%2C%20and%20prescriptions
Links to an external site.
.
ScienceDirect. (2024).
Pharmaceutical Company.
Retrieved from
https://www.sciencedirect.com/topics/computer-science/pharmaceutical-
company#:~:text=Pharmaceutical%20companies%20invest%20lots%20of,for%20the
%20treatment%20of%20diseases
Links to an external site.
.
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