5 Indiana Journal of Global Legal Studies 65 (1997)
In this article, Professor Stuart Walker examines several challenges that
will be faced by the global pharmaceutical industry in the near future. These
involve the question of improving the overall quality of life and care for
millions in an era of cost containment. In order to respond to the increasing
demands for advances in medicine while simultaneously retaining an
industrially strong, innovative, and resilient economy, responsibility for the
necessary changes will need to be shared among governments, the
pharmaceutical industry, and health care professionals.
In particular, four challenges faced by the global pharmaceutical industry
and their responses to each are discussed The first of these is the need for the
industry to secure sufficient revenue from marketed products, so that they may
both remain profitable and be able to invest in research and development to
facilitate the creation of new medicines. The second challenge arises out of
that research and development and involves the production of innovative
medicines for the treatment or prevention of diseases for which there is no
adequate treatment. Once these new medicines are developed, the third
challenge faced by the industry is to bring the new medicines to market in a
more rapid and efficient manner. Achieving this third goal is closely
intertwined with the final challenge: restructuring the regulation of medicines
to ensure the rapid review of new drug applications to get these new medicines
to market. Although much remains to be done in achieving these goals,
Professor Walker notes that the global pharmaceutical industry is taking
decisive steps to approach these challenges and his article operates as a
framework for continued progression.
Walker, Stuart R.
"Global Responses: The Search for Cures in the Development of Pharmaceuticals,"
Indiana Journal of Global Legal Studies: Vol. 5
, Article 4.
Available at: http://www.repository.law.indiana.edu/ijgls/vol5/iss1/4