When it comes to buying medication, there are different players involved. Patients may contribute a share of the expense, while hospitals, healthcare providers, and insurers can also provide coverage for some or all of the cost. The prices of drugs are impacted by these various parties.
Insurance companies covered $77.6 billion for drugs in 2002, as patients only paid for 30% of their drug costs in the year 2000. The United States has a total of 35,000 chain drug stores and 20,000 independent pharmacies, but over half of all drug dispensing now happens at chain drug stores, food stores and mass merchandisers such as Wal-Mart. Moreover, mail order makes up at least 13% of the total amount of drugs dispensed.
In 2003, the market share was only 2%. Lifestyle drugs are commonly dispensed through the internet and drug store websites. Unfortunately, there have been numerous cases of counterfeit and contaminate
...d drugs. Wholesalers offer manufacturers a cost advantage by buying in bulk and then sell the products to retailers at a discounted price, making money from both sides. Manufacturers offer rebates while retailers pay fees for distribution. Despite this, there are only three major wholesale distributors in the US and their fees are reasonable.
Schering-Plough generated $10 billion in net sales during 2006 despite the industry being dominated by a few major players. The company achieved this feat by offering diverse products, including Allergy & Respiratory, Animal Health, Anti-Infectives and Arthritis & Immunology to Cancer Therapies, Cholesterol-lowering/cardiovascular, Erectile Dysfunction, Foot Care, Hepatitis, Skin Disorders & Sun Care. Additionally, Schering-Plough has established itself globally through branch offices located in major cities contributing significantly to its sizable market share both
domestically and internationally. [6]
The company demonstrates its global presence and successful track record through its applications for regulatory approval in the EU, Japan, and China. The recent authorization for the sale of Pegintron exemplifies the company's expertise in treating hepatitis. Its pioneering scientific drugs aim to enhance health worldwide while building trustworthy relationships with doctors, patients, and consumers. The company acknowledges that diligence, precision, honesty, and openness are essential to achieving its objectives since transparency can be scarce among drug manufacturers. Delivering on promises may grant the company an industry advantage.
Schering-Plough is asserting that it is revamping itself with a concentration on individuals, commodities, and systems after its merger with Plough. The corporation is split into three sectors: prescription pharmaceutical medications; healthcare sector over-the-counter foot care and sun care products; and animal health products. Schering-Plough also dispenses generic drugs such as Claritin which was formerly an in-demand allergy medication but now has no patent protection. Additionally, the company takes advantage of government-funded programs like Medicare where tax revenue helps finance some of its drug sales.
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