GSK Promoting Collaboration Through Radical Openness
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Case Code: BSTR484 Case Length: 18 Pages Period: 2001-2015 Pub Date: 2015 Teaching Note: Not Available |
Price: Rs.600 Organization: GlaxoSmithKline plc. Industry: Pharmaceutical Countries: US Themes: Radical Openness |
Abstract Case Intro 1 Case Intro 2 Excerpts
Overview of Pharmaceutical Industry
The pharmaceutical industry, one of the oldest industries of human kind, consisted of the development, production, and marketing of drugs for medication purposes. In 2001, the global pharmaceutical industry was about US$390 billion and it grew at an 8% annual compound growth rate to reach the trillion U.S. dollar mark in 2013. The industry was projected to grow at the rate of 4-7% from 2014 to 2018 to touch the US$1.3 trillion mark by 2018. The top 20 global pharmaceutical companies 11 collectively held about 64.3% of the global market share in 2013 but this was expected to fall to 57% by 2020.
The pharmaceutical industry was one of the highly regulated industries in the world. It had to abide by various laws and regulations related to research, clinical tests, manufacturing, labeling, marketing, patent, etc. These regulations had only grown tighter with time. In 2008, the U.S. Food and Drug Administration (FDA) launched the 'Sentinel Initiative, a national level electronic system to monitor the safety of medicines and other medical devices. In 2010, the European Union approved a new pharmacovigilance legislation to promote and protect public health and save human lives...
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