The global health industry has faced numerous challenges involving the manufacture and sale of pharmaceutical drugs. The challenges range from high prices for certain medicines to the sale of illegal or counterfeit drugs. However, investigations have been intensified and concerned bodies have continued to wage war against such as incompetent practices. The global society is in urgent demand for a revolutionized healthcare system. However, the issues mentioned are likely to undermine not only access to medicine, but also increase the risk of develop chronic health drugs due to use of counterfeit drugs. Nevertheless, pharmaceutical regulations have made a modest attempt at curbing the spread and continued existence of the manipulation of the healthcare industry by capitalists.
The disparate nature of global health raises serious concerns over the demand and access for drugs especially for developing nations. There is a higher likelihood of developing nations acquiring counterfeit medicines compared to already developed nations where health care services are at an advanced level. Pezzola and Sweet (2016) emphasized that access to medicine is a core issue when it comes to public health. Therefore, regardless of the geographical location or degree of development, there should not be any limitation to access high-quality medicine. The authors explained that pharmaceutical regulations are likely to promote improved access to healthcare services across the globe. For instance, countries such as the United States alongside members of the European Union enjoy the benefits of advanced healthcare systems (Pezzola & Sweet, 2016). Therefore, through regulatory frameworks, such countries are likely to promote global pharmaceutical norms that will promote safety and increased access of approved and high-quality medicine for those in developing countries.
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Just like other products, pharmaceutical products are covered under intellectual property law. That being the case, market players enjoy the freedom of dominate the prices for drugs especially when there are no substitutes. Van der Gronde, Groot and Pieters (2017) explained that companies are looking to dominate the market as opposed to improving global health care. The high-priced prescription drugs are out of reach for those who are living below the poverty line. For middle-income families, they are also forced to sacrifice their standard of living to cater for such a high cost of healthcare. However, regulatory frameworks through policy measures have pushed for reforms demanding that companies do not place rather high prices for prescription medicine (Van der Gronde, Groot & Pieters, 2017). Therefore, individuals will have access to medicine at affordable prices hence improving global health.
One major challenge pertaining to health is the production of counterfeit drugs. Such illegal behavior exposes individuals at risk of health hazards which might lead to an increase in mortality rates across the globe. Mackey and Liang (2013) cited that illicit online pharmacies present a considerable global health crisis which, if left unsolved, could lead to increased patient safety risk. Nevertheless, the authors acknowledge that regulatory frameworks in the healthcare sector have strengthened their efforts towards combating illicit pharmacies. Individuals and companies are required to file various forms which are used to determine the legality of their activities. Through such measures, the spread of counterfeit drugs in the market will reduce hence combating patient safety risks.
Conclusion
Both developed and developing nations suffer the risk of ineffective pharmaceutical regulatory frameworks. Market leaders in the industry might manipulate drug prices making them inaccessible to a portion of the global population. Apart from that, individuals and companies might manufacture illicit medicines and sell them to the public. However, while concerned parties are aware of such cases, they have developed regulatory measures to combat the issues mentioned. The likely outcomes will be improved global health and increased access to high-quality and affordable medicine.
References
Mackey, T. K., & Liang, B. A. (2013). Pharmaceutical digital marketing and governance: illicit actors and challenges to global patient safety and public health. Globalization and health , 9 , 45. doi:10.1186/1744-8603-9-45
Pezzola, A., & Sweet, C. M. (2016). Global pharmaceutical regulation: the challenge of integration for developing states. Globalization and health , 12 (1), 85. doi:10.1186/s12992-016-0208-2
Van der Gronde T., Groot C. A, Pieters, T. (2017). Addressing the challenge of high-priced prescription drugs in the era of precision medicine: A systematic review of drug life cycles, therapeutic drug markets and regulatory frameworks. PLoS ONE 12 (8): e0182613. https://doi.org/10.1371/journal.pone.0182613
