Paul Edalat Busting Biggest Myths of the Pharmaceutical industry
Just like any other industry, the Pharmaceutical industry has its own myths or misconceptions that people believe it. Many people from outside the industry make their misconceptions that are certainly not true. Industry people understand it better. That’s why Paul Edalat who has been in the industry for 30 years busting the common myths or misconceptions. Here are some common myths:
Pharmaceutical Industry overshare the cost of development to justify their processes
Fact: Pharmaceuticals or any healthcare industry have to invest a huge amount in research and development of drug discovery. Moreover, the amounts invested in R&D by a company are kept on public records. So, there are no industries that can lie about their prices. According to the US, PhRMA alone spent $51 billion on R&D. The level of investments required to develop new medicines is extremely high. So, this justifies the high prices stated by Pharmaceutical industries.
Many countries are dependent on Manufacturers of generics if the US
Fact: The US might spend more on R&D than other countries, but they are not providers of them. Many other countries like the UK, Europe, and India spend their own amount on R&D and have developed their own medication. For instance, the US developed its own vaccine for Covid, and India has their own medicine. So, it’s not entirely true that countries are dependent on the US for Pharmaceutical industry manufacturers. Being a part of the Pharmaceutical industry, Paul Edalat shares the impact of US manufacturers, but they do not have Monopoly. https://gxmagazine.com/
Medicines increase healthcare cost
Fact: Many people think medicines increase the cost of healthcare and they want it to reduce in industry. People believe that medicines increase the healthcare cost for people. However, that’s not true. If you research thoroughly and focus on prescription medicine costs, you will see the cost of medicines has not changed over the years. Despite the increase in the cost of living, many medicines are still available at the same cost. So, no medicines are not increasing healthcare costs.
Government-controlled pricing of medicines in many countries is the result of low-cost healthcare
Fact: Prescription medicines are part of healthcare costs but not entirely the healthcare. There are a lot of things that go into healthcare. The government offers low-cost healthcare in many countries that are not only dependent on medicine costs. Even if you reduce medicine innovation costs or more, there will not be a significant impact on overall healthcare costs.
Conclusion: These are some of the most common misconceptions about the pharmaceutical industry that are not true. Paul Edalat explains the facts clearly about the truth behind the misconceptions. Many people believe things when they see them from the outside or their perspective. If you research thoroughly and think from a pharma perspective, you will understand many things are not true. Especially when it comes to cost, research and development are highly crucial in drug development. So, the industry spends a whopping amount on this to improve results. This section is always overlooked which creates misconceptions in the general public.
Paul Edalat Busting Biggest Myths of the Pharmaceutical industry
The pharmaceutical industry is one of the most valuable industries in the world. The pharmaceutical industry is made up of companies that make and sell drugs, vaccines, medical devices, diagnostic products and other health-related products. It is estimated that in 2019, the global pharmaceutical market will be worth $1.6 trillion USD and is growing at an annual rate of 4%. In 2018 alone, global pharmaceutical spending rose by 6% to $832 billion USD.
The pharmaceutical industry is a highly competitive one with many players competing with each other for market share. With this growth comes a lot of myths about what it takes to succeed in this industry. Here are some common myths that you may have heard about success in the pharma space:
Fact: While there are some roles within pharma where you will need a PhD, these are rare cases where your job depends on your scientific knowledge and expertise as opposed to your professional skillset (like communication skills). In fact; many jobs within pharma require just as much technical ability
