This paper discusses prescription drugs and the pharmaceutical sector.
Written in 2007; 2,403 words; 7 sources; MLA; $ 73.95
Paper Summary:
In this essay, the writer claims that for several years, the pharmaceutical sector has been regarded as a certainty in the world of investing. The writer argues that in America today, more drugs are needed to fight arthritis and lower cholesterol levels, and treating disease with medicine is far more cost-effective than surgery and other procedures. The writer examines the topic of expenditures for prescription drug coverage and maintains that as society does not worry about prices when it comes to healthcare, the large drug-makers boast astounding profit levels, gross margins of 80 percent, operating margins of 35 percent. The writer concludes that drug companies began to focus on blockbuster drugs and did everything possible to squeeze every bit of profit from them, thus after the initial wave of breakthroughs, the big money was largely in imitation, not innovation.
From the Paper:
"However, the drug giants were actually profoundly less innovative through the 1990s than they appeared to be, and their amazing growth numbers were due to a handful of drugs that addressed a surprisingly narrow range of conditions. Furthermore, they copied one another's drugs while ignoring promising avenues of research, and merged with one another, slashed costs, and sometimes, propped up earnings. Overall, 2002 was not a good year for pharma stocks, and the primary culprit appears to be the fact that big drugs like Claritin came off paten and saw sales plummet as generic versions hit the market, while few new drugs came along to replace them. Added to all of this are several scandals over product safety and the growing anger from consumers and policymakers over rising drug prices, resulting in serious challenges for the drug companies."
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