The Pros And Cons Of Big Pharma Companies

One primary goal of Pfizer is to deliver sustained, excellent product by outperforming Pfizer’s competitors and must differentiate itself adequately from its competitors. Competitive advantage is central to strategic management in that it will produce and sustain superior performance. To be competitive in a business environment, often it requires the company to have a product or service different and better than other organizations competing in the same marketplace. According to Wadman (2007) “Pfizer and the rest of the pharmaceutical industry need to develop more sophisticated drugs, targeted at a smaller number of people more quickly, efficiently and at a lower cost” (p. 1). Once Pfizer’s strengths, weaknesses, opportunities, and threats are assessed and analyzed, managers must decide a set of strategies to reduce or eliminate its weaknesses and capitalize on its strengths and maximize opportunities. An example is Porter’s three generic strategy approaches of differentiation, cost leadership, and focus strategy by using differentiation strategies to differentiate Pfizer from its competitors. Strategies are essential; however, it is useless unless they are effectively implemented levels of the company. Business-level strategies are typically developed and implemented by heads of business units and are first approved by top management. The functional level strategy is the last level that focuses on developing strategies for managing the various departments to

In the video Escape Fire, I was so flabbergasted by the numbers and health outcomes we as a society have let our nation become. One of the most heart-wrenching evidence is, even though our health care industry is so expensive our health outcomes are the worse. 75% of disabilities and dead’s are preventable, according to the film.

research. (Grounder, 2013) Today pharmaceutical companies are held to a very high safety standard when it comes to marketing

Even if reference pricing when brought to market did work effectively without stifling innovation, the process of creating a new act to instate a reference pricing law would be far too long and drawn out to make such a risk worthwhile. Just getting such a bill to the point where Congress would vote on it would be a long and winding road of pushing the bill through committees and rewriting parts of it to get the house and senate to even consider passing it, likely taking close to a year if successful. And even getting to the voting stage, such a bill would have a very low chance of passing through Congress. This is because, as Mundy states, “Big Pharma’s power over lawmakers in both parties,” makes it extremely difficult for such a bold

Moreover, patients often have less knowledge than the prescriber does about the appropriateness of the drug, where it can be very misinforming for the consumer. Lastly, drug efficacy is a problem in all contexts. Since stakeholders are likely, less informed than manufacturers it causes both the consumer and prescriber to depend on the manufacturer for information of the effectiveness of the drug (Bennett, Quick, Velasquez, 2016).

The Pharmaceutical industry has been in the spotlight for decades due to the fact that they have a reputation for being unethical in its marketing strategies. In The Washington Post Shannon Brownlee (2008) states, “We try never to forget that medicine is for the people. It is not for the profits. The profits follow.” This honorable statement is completely lost in today’s world of pharmaceutical marketing tactics. These tactics are often deceptive and biased. Big Pharma consistently forgets their moral purpose and focuses primarily on the almighty dollar. Big Pharma is working on restoring their reputation by reforming their ethical code of conduct.

For example, Vedula (2012) notes that FDA guidelines state pharmaceutical companies can use peer-reviewed articles to publicize evidence of a drug’s effectiveness for off-label uses, as long as a number of conditions are met—perhaps the most essential of which is that “the information disseminated must not be false or misleading.” However, Vedula continues, there is no unyielding regulation that all research findings have to be published. Therefore, a company can still choose to selectively disseminate favorable findings. His article concludes that there is now a copious amount of evidence that suggests selective reporting of study results, based on the strength and direction of findings, is performed extensively by the pharmaceutical industry.

Structural violence, a term ascribed to Johan Galtung, refers to a form of violence that is systematically and quietly embedded into the political, social and economic structures of a society to harm or place a group at a disadvantage. Though characterized as subtle, often invisible and difficult to hold any one responsible; in the case of this documentary however, it was clear who to assign culpability. The Big Pharma companies, the U.S government and individual country authorities worked together solely to profit from AIDS drugs, not to save lives. With millions dying and suffering, efforts were not made to reduce the price of patented drugs and or allow importation of the less costly, generic brands. Instead the giant West threatened countries

At first, I was conflicted on whether the company was being unethical. I learned that there is many ways to look at a situation, but there is always one path that may have more power over another. The data is insufficient to claim the drug is dangerous, but if the data was insufficient, I question why it was approved for marketing in the first place. I also see the perspective of the company; their drug will not only help a large majority of bipolar disorder patients, but it will also save the company from destitution and save many careers. However careers can be more easily resolved than acute liver failure. Not only does this condition lower the quality of life, it may lead to death. Overall, I think the company should do the ethical thing and disclose the full

Pharmaceutical companies invest a good portion of their money on politics and medical companies that make decisions when it comes to the pharmaceutical industry and its products. One of the top pharmaceutical companies that does this is the Pharmaceutical Research and Manufactures of America (PhRMA). According to the Center for Responsive Politics, in 2016 PhRMA spent $19,730,000 on lobbying. This is a massive amount of money that is spent in the Pharmaceuticals/Health Products industry, which spends the most money when it comes to lobbying. In the censored news story #9, “Big Pharma Political Lobbying Not Limited to Presidential Campaigns”, the student researcher, Harrison Hartman, talks about how pharmaceutical companies lobbying gets

Through the years rumors have swarmed over the accusations that there is actually a cure for the different types of cancer. However, based on research there seems to be a notable profitable gain within certain pharmaceutical companies, some assume that these companies value money more than offering a permanent cure. Thus making it hard to believe that pharmaceutical companies are in favor of offering medicines that cure certain types of cancer but instead prolong it. This makes pharmaceutical companies feel as if they are operating under a more “Jekyll and Hyde” type of business standard.

Society expects drug companies to improve people’s well-being and to behave like a nonprofit company not overly concerned with making large profits. However, investors

The pharmaceutical industry confronts several dilemmas every year. Most of these dilemmas revolve around money or whether or not to sacrifice now for a bigger payoff in the end concerning money and/or lives. Pharmaceutical companies tend to use shortcuts that create ethical problems. Drug companies have spent millions/billions of dollars in research, and they obviously want to see

Yes, there is an impact on the pharmaceutical company, like those in the US as a result of differential prices between that country and other nations.

Pfizer is known as one of the first and one of the world’s largest Pharmaceutical company that was establish in 1849. It was founded by two cousins called Charles Pfizer and Charles F. Erhart in New York City. Pfizer was as a manufacturer for fine chemicals but because of the discovery that was made in 1950 which made the company the path towards becoming the research-based pharmaceutical that it is update. The product that was first produced was the palatable form of sautonin which was used to treat intestinal worm. The Headquarters of Pfizer is located in New York City, with its research headquarters in Groton, Connecticut, which is nowadays the top multinational corporation that is sold all over the world. It is ranked as the second in the US and Japan market, and Novartis in first place and Roche in third place. The Pfizer Inc. is consisted with a trademark that is called PFIZER. Because of Pfizer’s strategies, Pfizer