When thinking about the pharmaceutical industry, a variety of related topics come to mind: medications, healthcare, clinical trials and research, doctors, treatment, drug stores, and so on. The pharmaceutical industry plays a prominent role in today’s society. Growth within the industry has been exponential, and it doesn’t appear to be slowing down anytime soon. This could be a result of the numerous influential groups that play leading roles within the industry.
So who exactly are these influential leaders in the pharma industry? We’ve broken down some of the biggest players below.
- Pharmaceutical companies. These are the big pharma companies that have established themselves in the industry within a certain therapeutic area. They have worked hard or are currently working hard to develop medications and treatments that the US Food and Drug Administration sees fit and beneficial to provide to patients.
- Innovators. Then there are the people and groups whose main focus is to transform the pharmaceutical industry by inventing new and better ways to treat diseases and conditions. Innovators could include members of a pharmaceutical company’s research team. Or they could be people like Bill Gates, who uses his talent, influence, and wealth to bring biomedical innovation to the poor. Regardless, innovators are always looking to understand why a disease is present and how we may be able to overcome it.
- Regulators. Pharmaceutical companies cannot simply create medications and release them to the market and patients. There are certain standards that need to be met and certain laws followed in order for new medications to be made available for public use. This is where the FDA and other regulatory groups come in. They regulate the pricing and quality of drugs, both new innovations and existing products, in order to improve health status.
- Analysts and journalists. They allow us to take a deeper dive into what is constantly going on in the pharmaceutical world. Analysts’ understanding of the industry allows them to make predictions about pharma companies. These predictions can include changes within the company, as well as how investigational drugs are anticipated to perform. This in turn influences the public’s contribution to the industry marketplace. Journalists, on the other hand, report to the public on industry occurrences in an effort to educate people on the industry and ensure those involved are being transparent.
- Supporters. Last but not least are the companies like Praxis. As a patient recruitment organization (PRO), we help influence the pharmaceutical industry by working to raise public awareness of the clinical trials available to patients. Clinical trials play a vital role in the pharmaceutical field because all drugs need to be proven safe and successful in clinical trials before those drugs can be considered approved for public use. And we are just one niche service provider within the many organizations that are part of a successful clinical trial.
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