The Purpose of Risk and Quality Management: The Case of Janssen Pharmaceuticals
– Purpose of risk and quality management It is no secret that risk is prevalent in the healthcare industry. Healthcare organizations carry a large amount of risk just in their daily operations. Healthcare organizations not only have to worry about risks to their patients, but their staff, financial stability, or even a natural disaster. A healthc organization must have a risk management department with trained and qualified individuals that know how to handle various issues within the organization….
Pharmaceutical industry in the United Kingdom
– … The industry holds a market share of $14 billion in the United States. According to Brand India Equity Foundation, the Indian pharmaceutical market is likely to grow at a compound annual growth rate (CAGR) of 14-17 per cent in between 2012-16. India is now among the top five pharmaceutical emerging markets of the world. Exports of pharmaceuticals products from India increased from US$6.23 billion in 2006–07 to US$8.7 billion in 2008–09 a combined annual growth rate of 21.25%. According to PricewaterhouseCoopers (PWC) in 2010, India joined among the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with value reaching US$50 billion….
Quality and Pricing in Business
– The selection of vendors and suppliers is very important to the company’s sale of ever product. The products that are brought in by the vendors is an important aspect of how the overall quality of the business is. If the supplier or vendor is known for poor quality, they will be passed over because higher quality products are more important long term. Quality is the top priority when determining the criteria for selecting the suppliers and vendors for this business. Other important elements in determining suppliers and venders are the pricing analysis, creditable service, conflict of interest to our business, and ensuring free market competition with the suppliers and venders….
The Voluminous Indian Pharmaceutical Industry
– … The growth compared to previous year is 6.8%. There are a few reasons which contribute to the growth in sales: 1. Medicines of generic types sales has increased exponentially 2. Companies have started penetrating in the rural market Department of Industrial Policy and Promotion has reported data on foreign direct investments. During the year April 2000 to April 2013 the industry has attracted investments by foreign companies in the cumulative drugs category. A huge chunk of sales contribution is from the tier I and metro markets in India….
Expensive Pharmaceutical Products versus Cheaper Analogs
– … Pharmaceutical market leaders invest considerable sums on R&D to continuously update product portfolio and maintain their position on the market. The process of opening the molecule takes years – this is the unique feature of the pharmaceutical industry. Many promising substance often reach an advanced stage of clinical trials and then rejected. Percentage of substances that reach the market remains very low (according to various estimates, 1-2 out of 10 thousand). Funding R&D requires a significant amount of cash that a pharmaceutical company is able to generate only if new drugs are launched to several national markets as soon as possible….