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:
“As our boys and men are all expecting to be Presidents, so our girls and women must all hold themselves in readiness to preside in the White House; and in no city in the world can honest industry be more at a discount than in this capital of the government of the people.”
—Jane Grey Swisshelm (1815–1884)
“That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise.”
—Abraham Lincoln (1809–1865)
“Your representative owes you, not his industry only, but his judgement; and he betrays instead of serving you if he sacrifices it to your opinion.”
—Edmund Burke (1729–1797)