Industry
The pharmaceutical industry is a highly competitive business and its success is dependent on the sales and marketing of each drug. The cost of research and development for each drug is millions of dollars. In 2005 the research and development expenditure for the biopharmaceutical industry within Europe and the US was 15,474 million euro.(The Pharma Industry Figures, 2006). The actual drug discovery and the drug development can take years. After which, testing and clinical trials are required prior to getting approval by regulatory boards. After launching the drug the company has much at stake as it has already outlaid millions of dollars the success of its sales is an important factor to the success of the company.
Read more about this topic: Ethics In Pharmaceutical Sales
Famous quotes containing the word industry:
“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.”
—Andrew Jackson (1767–1845)
“Bankers, nepotists, contracts and talkies: on four fingers one may count the leeches which have sucked a young and vigorous industry into paresis.”
—Dalton Trumbo (1905–1976)