Pharmaceutical Giants: Shaping the Landscape of Healthcare
The world of healthcare has changed drastically over the years, with new technological advancements transforming the system to a larger and more convenient one. The pharmaceutical industry has played a huge role in this transition, providing lifesaving solutions and discoveries to many of the world’s medical woes. Pharmaceuticals are not only responsible for the rise in effectiveness and cost efficiency of health services worldwide, but have also seen much consolidation, with leading companies stretching their influence across medical networks globally. In essence, these corporations have had a great impact on the way healthcare is organized, accessed, and sustained across the planet.
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The Growth of Big Pharma
Over the last decade, the amount of money pharmaceutical companies have been investing in research and development is unparalleled. This increased focus from the pharmaceutical industry on research resulted in a noticeable shift in the way healthcare is organized and accessed. Corporations such as Pfizer, Merck, and GlaxoSmithKline are leading this charge, investing in new drug development and non-traditional programs to increase access and speed the delivery of healthcare services worldwide. One of the greatest contributions Big Pharma has made to the industry is through the emergence of biologics. By targeting ‘biological’ molecules in the body, these drugs are able to battle everything from infectious diseases, to cancer and autoimmune disorders, to age-related conditions. As such, biologics are becoming increasingly relied upon in the healthcare industry, providing new treatments and solutions to many everyday ailments. Innovation is key to Big Pharma’s success. Companies work to bring reform to medical care by forming digital solutions, personalized medicine initiatives, and collaborations with tech providers seeking to make treatments more accessible to all. For instance, Pfizer and Merck have both established innovative digitally centered solutions to optimize, simplify, and speed the drug development process. Their efforts in biologic treatments, immunotherapy, and personalized medications further underscore their dedication to providing healthcare diets that are personalized to individual needs and maximize efficacy.
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Controlling the Market
The consolidation of the pharmaceutical industry means that a handful of companies now control the market and there are only a limited number of potential competitors. This has allowed these firms to raise prices for drugs, often making them unaffordable for those who need them most. Moreover, patents covering new drugs have lent these companies the ability to set prices and control the supply of these products. In recent years, pricing disputes over drugs have become more frequent, as governments, insurers, and individuals grapple with balancing healthcare costs with access to life-saving medications. With the trend of drug prices continuing to …