Essay Sample on Significance of Technology to Business Strategy
Posted on August 27, 2008
Pharmaceutical companies are considered as one among many stakeholders within the health care system that is contributing effectively to patients’ health care around the world and as well as these companies contributing to each country’s economy.
From early times, each tribe depended on their ‘Medicine Man’ who was responsible in treating individuals within their community, applying witchcraft and some herbal medicine. With the advancing years and the appearance of empires and expansionism, physicians were able to collect herbs from the four corners of their empires, but the pharmaceutical manufacturing remained to be confined within individuals. However, after World War Two, and after the discovery of Penicillin companies started to pay attention to the importance of pharmaceutical industry and its ability to contribute to the national health care and economy. Thus, from the second half of the twentieth century, the pharmaceutical industry and the research revolving around it had advanced rapidly more than the last two thousand years.
Nowadays, the pharmaceutical companies are investing millions of dollars into research in order to find cures and/or palliative treatments for patients suffering from severe and chronic diseases such as HIV, cancer in various forms, heart disease, diabetes, severe hyperlipidemia etc.
Among the most recent research that pharmaceutical companies are concentrating on is the development of a high-tech medical device used for patients suffering from Diabetes Mellitus Type I. The research is still in its early stage where this device could be implemented under or attached to the skin, which is in the form of a pump, and could release insulin immediately in response to a decrease in the blood glucose level in the extracellular area to prevent hyperglycemic attacks. The research is concentrating on two phases: the molecular level of insulin, receptors, and signals, and how the pump could respond to the signals in order to release insulin from the pump and sent at a certain level, already the pump could measure the required dose, to the extracellular region.
The other high-tech medical equipments that pharmaceutical companies are concentrating on in their research are those that are needed to treat autoimmune diseases such as Systemic Lupus Erythematous disease, Scleroderma, mixed connective tissue diseases, Rheumatoid Arthritis, etc. As for these high-tech medical equipments their role in treatment, prevention or elimination of antigens are still in their primary stage and require extensive trials for many years in order to provide us with excellent data concerning their ability in eliminating the antigens, and preventing the development of antigens as a result of these diseases. However, they are still considered important high-tech medical equipments that could contribute tremendously in decreasing morbidities and mortalities, in general, among White Caucasian race as well as other nations suffers. At the same time, the financial returns for the pharmaceutical will be tremendous when these high-tech equipments are successful in being utilized by disease sufferers.
As for the unit price for an insulin pump it should be affordable to all patients’ sufferers around the world irrespective of the GDP of each nation. While for the autoimmune equipments their purchase is dependable on health institutions rather than individuals; thus, their unit price could be unified to all countries as a one standard price. The financial budget that should be allocated for marketing their strategy, for these equipments, requires less promotion because the insulin pump could market itself by itself as the news of its success comes out to the public by being promoted by hospitals, medical centers, and community centers; the autoimmune medical equipments will be promoted by the health institutions by referring patients from the outpatient department to the medical centers those involved in operating these kinds of equipments.
If and when these two researches succeed millions of people around the world will benefit from these methods of treatments by reducing morbidities and mortalities among disease sufferers. On the other hand, the pharmaceutical companies who are investing in these kinds of researches will generate millions or billions of dollars in revenues for the coming 50-100 years. By using these technologies it will be a great benefit for mankind and a huge profit return for the pharmaceutical companies in maintaining their leading role within this industry. Since the world’s major important pharmaceutical companies exists in the western world and part of South East Asia and Far East Asia; thus, these countries will maintain in dominating and monopolizing the world’s manufactured medical technologies.
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