Pharmaceutical Industry

Paper Summary:

In this article, the writer looks at the global growth of the pharmaceutical industry and at the important part it plays in the U.S. economy. The writer notes that the United States accounts for 46 percent of the world's pharmaceutical market. The writer discusses the volume and cost of prescriptions dispensed in the United States.
The fact that the pharmaceutical industry is one of the most dynamic and largest sectors in the U.S. economy is examined in this paper. Further, the writer looks at the biotechnology and research fields in this regard. The writer concludes by looking at the growth in employment within the pharmaceutical industry.

From the Paper:

"In 1995, the total retail cost of the prescriptions dispensed in the United States advanced 13.9 percent to $64.6 billion, and in terms of prescription volume, the retail market grew 8.3 percent with 1,235,708,000 and 912,565,000 new and refill prescriptions, respectively, dispensed. The pharmaceutical industry continues to look for innovative ways to reach new customers, for according to the Task Force for Compliance of the National Pharmaceutical Council, "noncompliant patients cost the U.S. economy an estimated $100 billion yearly in lost productivity and extra medical costs, not to mention lost product sales." To target the problem of under use, the industry implements disease management programs, as well as patient-focused education and promotional programs."

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