Managing Innovation in the Pharmaceutical Industry Coursework

Managing Innovation in the Pharmaceutical Industry - Coursework Example 1. A short analysis is done on the history of innovations that has been driving the pharmaceutical industry as it has been in existence in the last two to three years and not beyond that period since our consideration is on contemporary issues. 2. Following this, the paper analysis the nature of innovation that the companies have been embarking on. The impact of the innovation on the growth of the company and the kind of stress that is laid on it by the industry. The major factors that have been driving innovation in the industry in addition to the market forces. Major technological breakthroughs and the question of survival; how do they affect the work of the research establishments in the companies 3. A similar analysis is done on the challenges that are faced by companies when they steer their ship through the innovation regime. This would feature the major challenges and the issues that cloud their thoughts and their performances. Innovation is driven by a need in the market or a gap in the consumption process. This continues to be a very important top management responsibility and normally finds itself paid great attention in modern times. Companies that do not subscribe to innovation are relegated to history sooner than later. However, innovation is not without its own associated problems. Every innovation goes hand in hand with troubles of varied nature. In Pharmaceutical industry, the drugs and the cures are the ones sought after by men all through. Innovations bring in wide changes, new drugs and cures that usher in better life expectancy and life style to people. Some of them however, bring in different kinds of problems too. Dateline: May 24, 2006. Hong Kong. The South China Morning Post reported that a number of journalists were attacked by hospital and drug producing cartels for exposing the inadequacy or side-effect in a breast-enlargement treatment until finally the connected hospital was shutdown (Bruce Einhorn 24 May 2006). December 8, 2003. The European conference on the Pharma and Biotech unilaterally accepted that Europe is falling back in its pharma and biotech industry to the US and to the swiftly growing Asia (Sean Silverthorne 8 Dec 2003). The reason, they cited, was the lack of large companies and proper support in their growth and innovation. The Pharmaceutical industry and the biotech world have both been suffering major changes in their direction. This has happened because of the more wide spread education today and the knowledge among the patients or the consumers of the industry. The markets are educated and are knowledgeable about the chemicals that go into every drug and the effect of them though they may not be all that comfortable ordering such drugs all by themselves. Therefore, if there is any discomfort or after effects of using a drug, the companies are hauled up like never before. The