Importance of Pharmaceutical Industry

The pharmaceutical industry has come under fire in recent years because of perceived
unethical practices. It has been accused of being greedy, lack of transparency in its clinical data,
and having inappropriate financial relationship with physicians and other healthcare providers
(Kumar & Sundarraj, 1). All these concerns are valid and the industry should address them.
However, rather than representing the character of the pharmaceutical industry, they are mere
shortcomings of a very important industry whose work and discoveries have saved and continue
to save millions of lives each year.

Arguments in Support of the Pharmaceutical Industry

Few industries have done as much good to humanity as the pharmaceutical industry. The
work of the industry has resulted in people living healthier and longer lives. For over fifty years
the industry has researched into some of the leading causes of diseases and come up with
innovative therapies that have saved many lives. For instance, apart from developing drugs that
treat previously life-threatening diseases, the pharmaceutical industry has been at the forefront of
developing vaccines which the World Health Organization estimates save more than two million
lives each year (Kumar & Sundarraj, 1). Thus, the industry can rightfully claim to have made the
most important contribution in raising life expectancy in many countries across the globe.

Apart from saving lives, the industry is currently one of the biggest employers in the
USA and in many developed and some developing countries. The over $50 billion invested in the
industry’s research and development has led to creation of hundreds of thousands of well-paying

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jobs (Kumar & Sundarraj, 1). Thus, the industry does not just play an important role in
healthcare but also in the economy as it supports hundreds of thousands of livelihoods.

Discussion on Whether a Company Can Cater to Both Its Best Interests and that of the
Consumer

I believe that it is possible for a company to act in its best interest while at the same time
meet the interests of consumers. On the surface it seems that the relationship between companies
and consumers will always involve exploitation of the latter by the former. However,
competition among companies often forces them to try and gain a competitive advantage by
reducing prices of their products or services and producing goods and services that meet the
needs of consumers in a more effective manner (Patomaki, 2). Thus, as long as companies are
not monopolies, it is possible for them to meet their needs as well as those of consumers.

In conclusion, the pharmaceutical industry, despite concerns raised about some of its
practices, plays an important health and economic role. Like it is the case in other industries, the
element of competition helps the industry to meet its own needs as well as those of consumers.

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Source List

1. Vijay Kumar, and R. P. Sundarraj. 2018. “The Societal Value of Pharmaceutical
   Innovation.” Global Innovation and Economic Value, pp. 147-187. Springer.
2. Heikki Patomaki. 2017. “Capitalism: Competition, Conflict, Crisis.” Journal of Critical
   Realism 16, no. 5, 537-543.