New Prescription Drugs In The UK Reports Example
There are a number of factors that determine the research and development of innovative new prescription drugs. One of the significant factors is the potential use of the innovative new prescription drugs. There are some new prescription drugs developed to treat complex and intricate diseases. Normally, such drugs would be hard to develop and involve extensive research. Thus, the complexity of a disease determines the developmental costs and research for innovative new prescription drugs (Barret, 2015). Notably, some diseases are too severe that they require equally strong medication. On the other hand, some other diseases are less severe and would require simple medication. Thus, the degree of severity of a disease determines the research and developmental costs of innovative new prescription drugs.
Prescription drugs unlike any other commodities in a normal market have a different demand. While the demand for other products will depend on factors such as the price of the product, prices of related products (substitutes and complements), seasonality, level of income etc, the demand for prescription drugs depends on the prevailing health condition or illness (Hughes, 2015). Consumers will purchase these drugs only if they are sick or a relative is sick. In essence, the demand does not depend on factors such as the price, level of income, seasonality, etc. In the UK, there are legal restrictions that have been passed by the government in the development of new prescription drugs. Such laws are normally passed to regulate the existence of many prescription drugs in a single market (Hughes, 2015). Secondly, when the economy is operating in a recession the development of new prescription drugs may also be compromised. While these drugs are somehow too costly, very few people will be able to afford them. Lastly, drugs are meant to treat diseases. However, there are those who are out there to make profits out of the drugs. They develop drugs that are fake and do not necessarily cure diseases. In essence, it would be ethically wrong if one is found practicing such (Barret, 2015). Therefore, this also restricts the availability of new prescription drugs in the UK.
Barret, David. New Warning over Abuse of Prescription drugs. The Telegraph. 15th January 2015. Web. Accessed on 15th February, 2015.
Hughes, Dominic. Warning over Drug-Driving Law and Prescribed Medication. BBC News. 10th February, 2015. Web. Accessed on 18th February, 2015.