More often than not research does not end once a drug is approved by the Food and Drug Administrative. It is built upon to improve its general outcome and for changing patients’ lives. Research companies are committed to a dynamic research ecosystem that delivers safe and efficacious treatments to patients.
Over the past 20 years, medical research has become a largely privatized and thoroughly tailored business. Two-thirds of the medical centers are now run privately. This has led to a greater improvement in developing new treatments since it has been proven that private run organizations have more capital at their disposal. Private organizations are also able to easily get funding for they are always in constant talks with donors.
Pharmaceutical companies are also significant beneficiaries of this research. These companies earn billions of dollars each year from producing and supplying drugs. Chronic diseases have also made these companies earn a pretty penny as the medicine is taken throughout the patient’s life.
Researchers now days get to gain international recognition for their medical findings by publishing their results. This can act as a great avenue for the researchers to gain funding for their research. On a smaller scale publication of research has helped numerous small research facilities to become recognized globally. By and large, we cannot talk about medical research without mentioning the millions of people that can gain employment from this industry every year. Not only are they researchers but a good number of them, work behind the scenes by simply manning the equipment or producing medicine in the factories.
People who have zero to no educational background in the medical field can also get a slice of the pie. Numerous well-intentioned citizens who may be suffering financially normally offer themselves as participants for research and they get a handsome fee. The Research team gets to test the new products on their bodies sometimes it may end fatally but by and large, the test is often successful and even beneficial to their bodies.
Humanitarian organizations all over the world owe a great deal of their success to Research and Development Centers. The centers can provide drugs for free and some of their researchers offer their medical expertise without any fee. This is done as a form of Corporate Social Responsibility on a massive global scale.
As we all know terminal diseases such as Cancer and HIV have become a detriment to the society. Whenever a person acquires a chronic illness they are often equated to people who are living with death. Most of the medication currently available for this illness is purely for prevention and survival benefits. The medicine also has adverse side effects on the patient’s body. Though researchers have not yet discovered the cure for these terminal illnesses, there have been developments in prevention medicine. For instance, a PrEP prescription was created to keep HIV negative people from contracting the disease.
Independent of the fact that researchers coming up with medical cures will greatly benefit patients, a research company can also benefit immensely. Very high revenues can be generated from selling the cure of a terminal disease discovered in their laboratories. This alone can turn a small company into a Multi-billion-dollar fortune five company. Given all the above-stated sentiments it can be deduced that medical research and development is a mega market. It can single-handedly provide employment, generate a ton of revenue and reduce the suffering of ill people thereby changing patients’ lives.