Singapore Pharmaceutical Industry for Healthcare- MyAssignmenthelp

Question: Discuss about theSingapore Pharmaceutical Industry for Healthcare. Answer: The pharmaceutical industry is a part of the healthcare segment that deals with medicines. The industry consists of several subfields that carry out activities that involve production, development, and publicizing of medications. These mutually dependent subfields comprise of drug marketers, drug, and biotechnology enterprises. The key objective of the pharmaceutical industry is to offer drugs that inhibit infections, cure illnesses, and maintain well-being. The pharmaceutical industry directly influences the worlds population; therefore, several global regulatory organizations monitor things like patents, drug safety, pricing, and quality. The pharmaceutical industry highly promotes employment by providing many career and opportunities for brilliant young graduates with a comprehensive background in life sciences and many other educational disciplines and an honest motivation and interest to begin a professional career in the pharmaceutical industry (Garavan, 2012, p. 2234). The employment field includes the entire pharmaceutical sector, which not only pertains medicines or drugs, but also includes diagnostics, medical devices, nutraceuticals, radiopharmaceuticals, and much more related activity areas. The pharmaceutical employment sector also includes academic research centers, health authorities, clinical investigation sectors, and much more. The need for a highly skilled workforce is visibly existent in all the mentioned areas of the pharmaceutical industry, which offers several job openings for a wide category of academic graduates with Bachelors, Masters, or Ph.D. degrees. Some of the areas in which pharmaceutical jobs are found include roles such as; clinical manufacture and supply, pharmaceutical preparation development, regulatory activities, quality assurance, medical research, drug metabolism and pharmacokinetics, sales and marketing, business development, and project management. In 2013, Singapores Ministry of Trade and Industry recognized the pharmaceutical industry as one of the most important industries that will boost Singapores economic growth in many years. Recently, pharmaceutical manufacturing provided more than 85% of the entire biomedical sectors manufacturing output and more than 4.6% of the countrys GDP in many years (Dambrin Robson, 2011, p. 438). Causes of Rapid Growth in Singapores Pharmaceutical Sector Singapore has had a reputation as the leading manufacturing center for major pharmaceutical companies in Asia over several years. The countrys pharmaceutical output increased at a yearly growth rate of 15.8% from the year 2001 to 2011 and still continues to grow. Innovation is among the primary driving forces that have led to the continued progress Singapores pharmaceutical sector, leading to regular investments by reputable pharmaceutical companies and increased job opportunities (Sivakumar, et al., 2011, p. 770). Singapore has gained status to become a global leader in innovation. The Global Innovation Index of 2014 acknowledges that Singapore is the most innovative country in Asia, and ranked second in the world, after the US, according to a biotech innovation report by Scientific American. In addition, (Wong, Ho, Singh, 2010, p. 60) say that Singapore has generated a cohesive research network for the production of new medications and forthcoming therapies that can be tailored for global and regional markets. Singapore has strived to develop a strong foundation for the pharmaceutical industry, with more than thirty public research organizations in r the Ministry of Health. Additionally, the country promotes partially public institutions such a Roche, Bayer, Novartis, GlaxoSmithKline, and Siena Biotech as well as encouraging the growth of clinical contract research organizations According to Witty, 2011, the high middle class and aging population in Singapore has a high demand for therapeutic and non-essential treatments, because increased incidences of lifestyle illnesses thus increasing the demand for pharmaceutical medicines in Asia. As a result, Singapores pharmaceutical industry grows rapidly at a rate higher than 12% annually and is currently estimated to be worth more 168 billion US dollars. More than thirty top international pharmaceutical companies including Eli Lily, Novartis, GlaxoSmithKline, and Takeda have invested in Singapore and have their regional headquarters in the country. These multinationals companies have been encouraged to invest in the state because of its ability to support complex technology, good physical infrastructure, skilled human capital, efficient patent laws, property rights, RD, and manufacturing activities. Liberal legislations controlling research on human stem cells and therapeutic cloning, the Health Sciences Regulatory Authority, attractive fiscal incentives and important financing initiatives have also encouraged foreign investment (Dambrin Robson, 2011, p. 435). Challenges Facing Singapores Pharmaceutical Sector Providing value and acquiring the trust of customers is a key challenge which needs constant innovations through attracting and retaining the best talent, while also managing costs. The low-growth industry environment also causes challenges of trust and value because many years will have elapsed before a product is made available in the market after a careful combination of the new active elements (Krishna, Patra, Bhattacharya, 2012, p. 170). Given the entrepreneurial orientation and foundation pharmaceutical industries which give a lot of importance on long-term financial ability and maximizing profits, the healthcare provision duty of the government faces a challenge. For example, according to Gereffi (2017, p. 20), Singapores pharmaceutical industry has been accused of not considering mechanisms of price discrimination in selling their products to developing nations. The notion has rather been that the industry uses people in poorer countries samples in Pharmaceutical research thus not considering medical ethics (Kavitha, 2012. p. 105). According to (Schneider, Wilson Rosenbeck, 2010, p. 428), Pharmaceutical companies are facing a variety of challenging market situations, low RD productivity and a cliff in patients that has caused validation of internal RD. Singapore also encounters various challenges and faces a lack of robust and strong domestic pharmaceutical manufacturing companies, which limits its capability in using the output of its research activities. Therefore, Singapore needs to cultivate tactics that will keep these establishments in the state to enable a self-sustaining environment, where profits earned are reinvested in the country. According to Khana (2012, p.1092), there is an increasing concern about environmental matters brought by the pharmaceutical industry in Singapore. These concerns arise where pharmaceutical manufacturing facilities are likely to produce waste, including the releasing of trade effluents or poisonous industrial. Thus the manufacturer is mandated to obtain expensive licenses. Governments Role in Helping the Pharmaceutical Sector The government uses multifaceted policies to create a pharmaceutical industry that is globally competitive to both develop a domestic industry and appeal to foreign investors. The NPA set up a Chinese Proprietary Medicine Unit to oversee the regulation of Chinese proprietary medicines. This was to guarantee that Chinese proprietary medicines sold in sold in the country Singapore are of good quality, safe, have correct labels, and ensure quick removal of these medicines from the markets when necessary (Schneider, Wilson Rosenbeck, 2010, p. 430). The Good Manufacturing Practices and Licensing Unit was also established to license and inspect cosmetics and pharmaceutical manufacturers, as well as wholesalers and importers in agreement with existing global Good Manufacturing Practices standards. The Good Manufacturing Practices includes licensing medicine dealers, pharmacies, control of narcotics, and the providing the World Health organizations certification of pharmaceutical products. The Adverse Drug Reaction Monitoring was also established to assemble reports on negative drug reactions for investigation and analysis with a key intention of reducing reactions caused by drugs both locally and internationally. The ministry of health also employed a skilled panel on negative drug reactions, which constitutes of specialists in the fields of pharmacy, pharmacology, forensics, and medicine to advise the pharmaceutical sector to prevent adverse reactions to drugs (Gassmann, Reepmeyer, von 2013, p. 28). Singapores government participates in the pharmaceutical industry by concentrating on high-end RD. In conjunction with tax incentives and substantial grants and tax incentives, billions of dollars are utilized to attract biotechnology and pharmaceutical companies to establish RD activities in Singapore. The most important outcome of this initiative was the establishment of Bio polis, which is billion-dollar independent biotechnology park (Sun, Sammut, Reshma, 2014, p. 3). Another main reason for the quick growth of the industry has been initiated by the governments efficiency in encouraging leading international pharmaceutical companies to invest in the country. Foreign companies that have established their activities in the state include Merck, Pfizer, Eli Lilly, Aventis, Roche, and much more, which have invested millions of dollars in their operations in Singapore. The Economic Development Board (EDB) has directed government efforts to progress the pharmaceutical sector by establishing primary implementation organizations such as the Biomedical Sciences Group that focus on developing sectors that are considered as the triggers of the pharmaceutical industrys growth (Gassmann, Reepmeyer, von 2013. p.5). The government has also invested billions of dollars to support innovation and research continually Conclusion The Singapore government needs to ensure that the pharmaceutical industry observes high ethical and moral standards in their daily operations. These standards include pricing of drugs, research, and drug trials. The government should also contemplate on improving pharmaceutical research to reduce the domination of the recent pharmaceutical giants. Alternatively, the state can use public and private partnership initiatives to enable engagement in partnerships or joint ventures with pharmaceutical research and manufacturing organizations, as these will lower the prices of medicines and increase affordability.. Reference Dambrin, C. and Robson, K., 2011. Tracing performance in the pharmaceutical industry: Ambivalence, opacity and the performativity of flawed measures. Accounting, Organizations and Society, 36(7), pp.428-455. Gassmann, O., Reepmeyer, G., and von Zedtwitz, M., 2013. Leading pharmaceutical innovation: Trends and drivers for growth in the pharmaceutical industry. Springer Science Business Media. Garavan, T.N., 2012. Global talent management in science-based firms: an exploratory investigation of the pharmaceutical industry during the global downturn. The International Journal of Human Resource Management 23(12), pp.2428-2449. Gereffi, G., 2017. The pharmaceutical industry and dependency in the Third World. 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