Pharmaceutical Industry

The consumer has almost no role in purchase decision making. Further, there is an unusual level of control to the industry either by regulations or self imposed practices. The political analysis of this industry has shown increasing political links of Russia with the west support the adaptation of western business methods that neutralizes the access to Baltic States. China is approaching the deadlines of World Trade organization to open up its economy sector by sector after joining the organization. The war against terrorism is developing a new world order. Democracy is yet to come for some states where pharmaceutical industry has major role to play. Therefore pharmaceutical industry has grown its need for customers. Economic analysis recently provided has demonstrated China is expected to become the fifth largest drug market in the world by 2010. Indian Pharmaceutical Industry is growing at about 8 to 9 percent annually. Recent increase in oil prices has certain effects on corporate share prices where it make difficult to pharmaceutical companies to in vest in R&D. One of the main demand industry is seeking is to shorten the time taken to get full approval to market products since the invention of formulas. This is because in some cases where manufactures experience the risks of patents getting expired even before the product is launched to the market. It can be expected in tighter regulatory pressure for developing countries for pirated production particularly with their increasing commitment to WTO. Price regulation schemes are well imposed in many countries to protect the consumer from high bargaining power of patented products. The debate will continue between animal right campaigners and pharmaceutical companies for using animals in drug testing.