Business

Bringing a new Pharmaceutical to Market

Carolyn Robinson

BA580 Strategies for Change

Dr. Joni Scott

April 21, 2015

Introduction

It is time for the American people to understand the development of new medication. The American people need to understand the process, the cost and the length of time it takes to develop new medication. The development of new medication take years, 5 or 6 years to be exact. Researchers have difficult tasks trying to develop medication to help a particular illness. However, after the development of the new medication, it must be approved by the Food Drug Administration. The last process is applying a patent and the cost to the new medication.

Bring a new medication to the market

The pharmaceutical industry is a growing industry in today’s society. The development of a new medication takes a great deal of strategic planning. The pharmaceutical industry is developing many ways to bring new medicine to the market. The first step in bringing a new medicine to the market is the process of trial and error. The pharmaceutical company performs a a lot of trials and error developing the new product. This process consists of users and producers, making sure the medication is working for a particular illness.

The process of developing a new medication takes many years. The pharmaceutical industry spends a great deal of money for research and development of new medication. However, some pharmaceutical companies spend an estimate of $5 billion dollars in research and development of new medication. The next step is creating prices for the new medication. The pharmaceutical company must replace the money that was invested in the new medication to gain a profit.

The clinical trial of the new medication is the next step. The new medicine must be approved by the FDA. This process requires a lot of time. The process may take up to 5 years to process. Clinical trial consist of testing of animals to try the new medication. However, after...