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:
“My plan of instruction is extremely simple and limited. They learn, on week-days, such coarse works as may fit them for servants. I allow of no writing for the poor. My object is not to make fanatics, but to train up the lower classes in habits of industry and piety.”
—Hannah More (1745–1833)
“It is while we are young that the habit of industry is formed. If not then, it never is afterwards. The fortune of our lives therefore depends on employing well the short period of our youth.”
—Thomas Jefferson (1743–1826)
“The development of civilization and industry in general has always shown itself so active in the destruction of forests that everything that has been done for their conservation and production is completely insignificant in comparison.”
—Karl Marx (1818–1883)