My First Draft

GLOBALISATION ITS EFFECT AND HOW MUCH IT  IS BENEFICIAL TO PHARMACEUTICAL SCIENCE

OUTLINE

 

 

1.     Introduction

2.     History of globalization and how it changes recently?

3.     Globalization of Pharmaceutical Science

 

 

INTRODUCTION

 

        GLOBALISATION, a term that was used infrequently before the 1990s, is now in common manner of speaking. It refers primarily to an economic system in which raw materials, manufactured goods, intellectual property and financial transactions flow freely (although not equally) across international borders under the supervision only of an international trade authority (David Ehrenfeld,2003). It also refers to the homogenization of language and cultural identity that accompanies this flux of material, ideas and money.

         This present wave of globalization has been motivated by policies that have opened economies domestically and internationally. In the years since the Second World War, and especially during the past two decades, many governments have adopted free-market economic systems, enormously increasing their own productive potential and creating myriad new opportunities for international trade and investment. Governments also have negotiated remarkable reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investment. Taking benefit of new opportunities in foreign markets, corporations have built foreign factories and established production and marketing arrangements with foreign partners. A defining feature of globalization, therefore, is an international industrial and financial business structure (Carnegie Endowment,2003).

           In the past quarter of a century, the pharmaceutical industry has undergone huge steps towards globalization. Pharmaceutical globalization has resulted in the creation of at least a couple of companies that have achieved nearly ten percent market shares. And ten percent of global pharmaceutical sales and revenue is not minute pickings.

         Globalization of the pharmaceutical industry actually is a fairly recent trend considering the overall existence of the industry. Globalization has occurred primarily through the merger of different pharmaceutical companies. These mergers have resulted in huge companies with operations spanning the entire globe.

          Advantages of globalization in pharmaceutical industries found in the area of research and development. Globalization has increased the revenue stream of pharmaceutical companies which these companies contend expands their ability to undertake significant research and development program. These companies argue that absent globalization and the significant revenue and profit streams enjoyed currently by pharmaceutical companies, these companies could not undertake research and development on the various drugs they are working on at this time. The companies contend that, for example, research on drugs to control or even rid the world of AIDS and HIV could not be undertaken absent the revenue currently flowing into the pharmaceutical industry in this day and age. One of the benefits of globalization has been to make certain drugs available to impoverished nations. The pharmaceutical industry contends that globalization has brought drugs that never would have reached these poorer countries medicines can be more readily available to end use consumers.