Pharmaceutical companies should share their findings at pre-competitive stages to reduce research and development expenditures and improve the outcomes essay sample

 

 

 

The pharmaceutical industry has a range of distinct features which make it so different from any other type of business. These peculiarities can be unknown to an average medical customer but they certainly affect their access to the medicine. It goes without saying that competition in the field is enormous, and the biggest American and European pharmacy-giants compete for the leading positions on the medical market. Small pharmaceutical companies, at the same time, may struggle for the existence in case they have not enough funds to buy equipment and patent their own inventions.

The core feature of the major drug inventors is that these businesses achieve the patents which do not allow their competitors to develop analogs in a period of 10 years after the medicine was launched. In this period, businesses need to compensate costs spent on the invention, testing, certification, and all related expenditures involved into the process of development.

The race for achieving the exclusive rights on the invented substances directly results in setting high prices on the drugs. On the one hand, it is a natural competition between businesses but, on the other hand, it creates a chasm between pharmaceutical companies and their clients. As a number of people still cannot afford even a healthcare insurance, they will be devoid of qualitative medication as well. Even consumers who can afford themselves the newest pharmaceutical inventions are disappointed by the prices, not even mentioning scarce medicine which brings the relief to the patients with HIV and similar yet incurable diseases.

If pharmaceutical companies cooperate instead of competing, it could provide certain advantages for the customers as the price could be lower. However, competition is an essential feature of any business, consequently, such alternative is rather unrealistic.

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