One of the premium industrial segments ever and one such industry on which many nations across the globe have relied upon for boosting the economic development is Pharma Industry. However, when we dwell in to the insights, this is one of the most regulated industries and of course it has to be, as it is directly related to the lives of many.
The other factor which is tagged to the global pharma markets are the controversies involving the honchos of Pharma sector globally. There are numerous instances where few companies from pharma sector have been in news for one or the other controversies.
One way or the other, the global pharma companies had always made news, be it the pricing mechanism, or the issue of handling patents, or the breach of regulations, one or the other issue always is on highlight pertaining to pharmaceutical sector.
The crux of the industry lies in drug regulation which is effectively in place and varies from country to country, drug regulatory agencies, drug evaluation boards, clinical trials, quality assurance labs, drug information centers, etc., have evolved over time in response both to the increasingly sophisticated pharmaceutical sector, and to the eventual growth of industry.
In most of the cases, it is evident that the drug-laws and regulations are put up as a part of the crisis management scenario. There are so many academic and non-academic researches which are carried out for understanding how effectively the companies can work on creating better industrial environment. Despite of all this efforts, the industry undergoes rapid fire issues. There were many exemplary standards and quality of process which is worked out in this industry; still there is plethora of issues which has to be addressed.
Corporate Social Responsibility is one the tagging issues which follows this industry. Much of research, news coverage, debates, discussions and forum’s work on how the pharma industry has to be more responsible towards CSR activities, how the companies should come forward to offer medicines at a very affordable and economical way, how the companies should not look in to giving much of attention to the profit issues, and such concerns. When the question arises, how the society should act responsible towards pharma companies, it really amuse how much of study has gone in to this dimension.
If the industry has to work on too many challenges, and it becomes their regular factor to start attending to the non-core activities like meeting the societal questions, should we expect these companies to start putting up their focus on R&D, and provide us with better solutions?
This kind of challenges are not curtailed to one or the other nation, globally, pharma companies has the same kind of challenges to be addressed very frequently, and are in short of assistance and support from respective sources for creating hassle free market scenario.
This raises a question in the minds of entrepreneurs, as to should the sensitivity be in the process and regulations, or it should the sensitivity be in implementing the processes and systems.