human biology human biology Think about the very different w

human biology

human biology

Think about the very different ways that a pharmaceutical company has to verify its product drug versus the way a dietary supplement company has to operate. What are the pros and cons of such a system?

Solution

ANS:

Pharmaceutical company has to verify its product drug versus the way a dietary supplement company:

A. Pharmaceutical company marketing:

Every marketing drug goes through FDA’s approval process.

Pros:

1. Company can make and express disease claims.

2. Patient consideration is taken placed during the early marketing phase.

3. The making drug is covered by insurance plans.

Cons:

1. The new drug approval takes plenty of time due to the R&D trails.

2. In some cases there is NO guarantee for approval.

3. The cost will most likely be in the tens of millions, if not higher.

4. Significant regulatory oversight.

B. Dietary supplements company Marketing:

Pros:

1. It had lowest barriers to entry in markets.

2. There is NO FDA pre-market approval required.

3. Mostly restriction are absent in marketing channels.

4. Less costly to manufacture and less regulatory oversight.

5. The consumers of US can understand the implied meaning of nutritional functional claims.

Cons:

1. These are not covered by insurance policies.

2. Limited to functional and structural claims or FDA permitted to health claims.

3. Generally there are no barriers to entry by competitors.