Factors Influencing The Pharmaceutical Industry: A Comprehensive Review

Abstract

The pharmaceutical sector is essential for the health care systems of the world by producing prescription and over-the-counter medications to prevent or treat various medical conditions; however, that is not the only aspect of the sector; it is influenced by all of the available scientific, financial, political, technical, social, and ethical factors at play in our global economy. This article reviews the key factors impacting the pharmaceutical sector today. The article discusses the regulatory environment, R&D activities in the sector, the importance to the sector of IP, competitive pressure in terms of marketing/advertising, the effects of globalization on the market, the effect of technology on the market, the effect of healthcare policy on the sector, the pressures on pricing in the market, the effect of the supply chain on the practices of the sector, the sustainability of the industry in terms of the environment, and emerging technologies such as AI and personalized medicine. Together these factors continually change the landscape of the Pharmaceutical Industry because of the dynamic and interdependent nature of both internal and external forces within the entire global economy and therefore all participants/stakeholders in the industry must understand all the forces affecting the industry in order to bring about innovation, equity in terms of access to health care services, and to do so while fostering an equitable and viable diverse workforce in the sector.