Pharmaceutical Industry in Australia Free-Samples Myassignmenthelp

Question: Identify a Multinational Company Operating in Australia. Provide a brief description of the Company. Answer: Introduction The company on focus is Pfizer Australia; the bio pharmaceutical company was established in 1956 in Australia. The sole purpose of this company is to bring new and innovative therapies to patients so that they can live longer and better lives. The company has employed more than 1700 staff in Australia who include; chemists, scientists, doctors, machine operators, marketers among many other professionals (Acton, n.d.). Pfizer is a multinational pharmaceutical corporation, which has its headquarters in Midtown Manhattan, New York. In 2016, the companys statistics show that it has over 95,500 staff across the globe. The bio pharmaceutical company is active in more than 180 countries. The companys revenue in 2016 was $52.5 billion. Key members of the company Charles Pfizer and Charles Erhart founders. Ian Read- CEO and Chairman Pharmaceutical legislation aims to ensure that medicines available are safe, good and effective and there is correct information about the products. There are laws and regulations that are supported by the national pharmaceutical policy (Spilsbury, n.d.). In this policy, there are laws that support patent and intellectual property rights and patents, support generic substitution and tax laws. The laws also govern dispensing and prescribing practices so as to ensure proper use of medicines (Pfizer, 2012). Powers and scope of regulatory authority vary from country to country. Thus, legislative framework and structures also vary from country to country. Applicable legislation should be broad enough to respond to all key areas and issues and must be flexible enough to respond to all key issues and problems.We are facing a strategic sector not only for its contribution to health but also for economic development. Therefore, experts say, government decisions are decisive for their future. The pharmaceutical sector operates in a complex environment in which several factors influence. One of the most important is the need to research and develop new products, which implies large investments that represent, at this moment, 21% of all R D in Australia, with growth in the last years of 7% And in a scenario in which generics almost 50% of the product.In addition, the sector has collaborated with its main customer, the Public Administrations, in the recent cut in expenditure whose containment has meant a saving of 5.8 billion dollars. It is the fourth export sector of the Australia economy that last year sold abroad worth 11 billion and that generates a highly qualified job of which 95% is stable. The experts say that if any industry is called to be the paradigm of the new economic model, the pharmaceutical sector has all the ballots (Spilsbury, n.d.).For this reason, they say that in an intervened sector, such as this, the action of the State is fundamental so that the expectations are concretized in a pragmatic way. 80% of the pharmaceutical market is constituted by the public market, so that government decisions are decisive for its future. A future linked to the development of stable regulatory and economic frameworks and to the predictability factor in a scenario of uncertainty (Spilsbury, n.d.). We are in a country where there is a negative impact on everything that is a company, for which, in the case of the pharmaceutical company is still more evident. According to (Foster, n.d.).There is lack institutional support, there is very little sensitivity to the fact that industries are the big tax collectors, which sell all over the world but that, in the end, where they invest is in Australia. It is necessary to give a real picture of the pharmaceutical industry because it has many attributes that are sometimes ignored. The three goals that every country wants are: internationalization, industrialization and innovation. Research, in general, is more difficult to access. In addition to a bachelor's degree in any of the aforementioned qualifications, professionals in this sector need to continually recycle their knowledge to keep up, due to the constant evolution of the industry. The command of English is considered essential. Basic standards in a pharmaceutical industry hygiene standards location and infrastructure (Spilsbury, n.d.). Organization of areas and sections - Pharmaceutical and medical industry. The international standard ISO 15378 is a standard for auditing suppliers of primary packaging materials in the pharmaceutical and medical industry. It is practically ISO 9001 more good practices especially for this sector. When certified with DQS-UL, suppliers can display and prove compliance with mandatory requirements and avoid extensive questionnaires and audits by their customers. Pharmaceutical companies need to ensure that their own supplier audits comply with relevant legal requirements. Wh en selecting a packaging materials supplier, special attention is paid to ensure that their capacity meets the current GMP requirements. BMP / GPM (Good Manufacturing Practices) have been established as a legal requirement in order to ensure the health of consumers by reducing risks in the pharmaceutical and food industries, eg contamination or mixing (Foster, n.d.). First published in 2006, ISO 15378 is guided in this perspective, based on the ISO 9001 quality standard, which contains all relevant GMP requirements for the primary packaging material, such as batch tracking, Risk, validation, and controlled environment. ISO 15378 applies to all manufacturers of packaging materials that come into direct contact with the drug, eg glass, rubber, aluminum and plastics. Ensures that the materials produced meet the needs and requirements of the pharmaceutical industry. It improves the image of the company facilitating the achievement of the deadlines and the optimization of human and material costs. It allows the company to gain market share thanks to the trust it generates between customers and consumers (Foster, n.d.). It improves the efficiency of the company, increasing in turn the motivation and stimulation of the staff around a common project, reducing to a minimum the risk of not fulfilling the obligations towards the client. It allows the company to measure the effectiveness of its management system in accordance with international standards through third party certification(Foster, n.d.).. The "agreement" reached at the Atlanta meeting among the 12 member countries of the Trans-Pacific Strategic Economic Partnership Agreement was made public.(TPP or Trans-Pacific Partnership). Although the member countries still have to approve the agreement in their respective countries, they have taken an important step towards establishing a regional agreement for its scope, which represents 40% of world trade. Among the objectives of agreement is the "geopolitical" coup over Australia, which is not part of and will surely be affected by its scope, between its neighbors like New Zealand. Need for treaty agreement is the main driver of the agreement, which, despite its public face, has been secretly negotiated for more than 5 years.Another factor to consider is related to the consequences for workers. Unions from different countries, such as Australia (or the US), have opposed the agreement, as they warn that it will generate greater competition among workers in the TPP countries including Australia, resulting in lower labor costs or closure of factories By relocation. The negotiations between the member countries continue, on different aspects and conflicting clauses. For some economists the historic agreement is overvalued or at least would not bring "so many economic benefits to the Australia, and asks why would the administration spend so much effort on this deal? In this sense, as well as achieving greater geopolitical influence to isolate its main world competitor, , from the administration seek to realize the agreement pursuing not only strictly commercial benefits that already provide other free trade agreements, but satisfying the interests of some monopolistic groups such as the big pharmaceutical companies.In a recent article, economist nobel Joseph Stiglitz and Adam Hersch question the purpose of the TPP that has nothing to do with "free trade" and state: "This is actually an agreement to manage trade relations and The investments of its members(Foster, n.d.).. And do it on behalf of the most powerful business lobby groups in each country especially in the pharmaceutical industry .In relation to intellectual property rights or copyright, where there are specific clauses to regulate them, some of which were leaked, Stitlitz states in the article: "economic research clearly demonstrates that such intellectual property rights do not serve to promote research, in the best case. In the agreement set, the TPP will regulate trade in pharmaceuticals through a series of changes on "patenting," "data exclusivity," and "biometric" data. As a result, economists add: "It will allow companies to expand Pharmaceutical companies - This is how the TPP will regulate the pharmaceutical industry's trade , If the US gets away with it. The reach of large pharmaceutical companies Although the agreement promises benefits to other monopoly groups such as tobacco, in the case of pharmacists the TPP stipulates extending the term of the patents to biological drugs that fight diseases such as cancer or HIV (Parker, 2004). This would lead to higher costs, restricting access to these drugs and preventing the manufacture of generic drugs for a longer period favoring transnational (mostly Australia) pharmaceutical companies against the State in case of arbitration. According to a ranking of the world's leading companies in 2015, among the top 50 are 3 large pharmaceutical companies that would benefit from the TPP: 1 - Pfizer Inc (Australia), registered a capital stock of 183 billion. 2 - Merk (Australia) has a stock capital of 147 billion. 3 - Gilead Sciences (Australia), registered a capital stock of 139 billion. The place they occupy in the stock market is not smaller, they are above global brands like Pepsico, or Volkswagen, and if the TPP is approved, these groups will benefit directly at the cost of increasing vital medicines, making access difficult to the poor. A sector of huge economic gains Pharmaceutical market outstrips gains from arms sales or telecommunications The pharmaceutical industry, which is responsible for the production and marketing of medicines, is one of the most important economic sectors in the world. The Fortune 500 list showed in 2002 that the volume of profits of the top 10 pharmaceutical companies outpaced the profits accumulated by the other 490 companies(Report to Parliament on the meeting of the Pharmaceutical Industry Disc ussion Group (PIDG) to identify and examine potential unintended consequences of the 2012-11 Budget Measure Further Pharmaceutical Benefits Scheme (PBS) Pricing Reform, 2012). The pharmaceutical market outstrips gains from arms sales or telecommunications. For every dollar invested in making a drug you get a thousand profits, thanks to if someone needs a medicine and has the resources to buy.An oligopolistic sector25 companies control about 50% of the world market (Mancuso and Grenada, 2011). Develop questionable business strategies in TreatiesAmong the main strategies used today by the pharmaceutical industry to obtain its billion-dollar profits could be highlighted:They put a lot of propaganda pressure on the drugs they manufacture, even if they are not useful and can be harmful to health which is unconventional. Some of the treaties have limited generation of serious health problems (Thalidomide), have created situations of social alarm to sell their products (Tamiflu Against Influenza A) and have promoted corruption (bribes to doctors and politicians) or damaged health (are one of the first causes of death and illness) deaths with their products (Foster, n.d.). The pacific treaty limits the main multinational laboratories worldwide The top ten companies billed in 2012 totaling $ 335 billion, accounting for 29.8% more than the $ 235 billion in 2004. All of these companies are in the most developed countries: The benefits that derive from the R D carried out by the DRF are diverse. First, the company has had the opportunity to market new products, which has contributed to its growth, especially in export markets. Second, the development of modified manufacturing processes for some of Dr. Reddy's leading products has resulted in significant savings in time and resources for the company (International pharmaceutical price differences, 2001). Finally, the company has been creating a major intellectual property reserve (P.I.), which it has protected by securing its P.I. Both nationally and internationally, which has a significant competitive advantage. Thanks to the success of a line of products protected by the relevant IP rights. References Acton, Q. (n.d.).Pharmaceutical companies. Foster, N. (n.d.).Blackstone's EU treaties legislation. International pharmaceutical price differences. (2001). Melbourne: Productivity Commission. Mancuso, D. and Grenada, I. (2011).Pharmaceutical industry. Hauppauge, N.Y.: Nova Science.