‘Research and Development’ (R&D): Two words that drug manufacturers often use as a defence, when questioned about the ways in which they spend their vastly accumulated wealth.
Since the process of identifying drugs is shown to be expensive, pharmaceutical giants have wrongly stated this as a cover to charge exorbitant amounts to Governments who fund their R&D processes by offering them guaranteed net returns. These returns when compared to the airlines industry are around 13% higher.
There is conclusive evidence in the ‘Boston University Report of 2000’ that points towards the top 9 drug manufacturers spending an average of only 15% of pharmaceutical revenue on research and development. This led to these manufacturing companies acquiring no less than 10 smaller rival companies (paying mostly in cash), in the midst of the worst financial crisis in the last 80 years. It is a fact that no other industry including the banking industry has these levels of cash reserves.
Hiding behind a high risk model to justify their steep drug costs, pharmaceutical giants have been dishing out CEO salaries and accumulating profits that exceed any other industry, according to the Boston University report of 2000.
Such are the lengths to which drug giants are willing to go in order to increase their profits, even if it’s at the cost of patients losing their lives.
As a direct consequence of pharmaceutical companies monopolising the market, instances of drug shortages have been rampant in the UK over the past two years in spite of the many efforts made by authoritative figures to control it. The reasons given by large pharmaceutical manufacturers cover public law issues such as The Competition Act of 1998, The Medicines Act 1968 and The European Competition Law. With respect to this, no public regulatory body has been able to understand this matter, let alone find a way to resolve it.
When faced with drug shortages, wholesalers and independent pharmacists cannot even think of writing to these big pharmaceutical companies to voice their complaints/concerns, as they are unable to adhere to the pharmaceutical manufacturer’s imposed terms and conditions that unjustly render a wholesaler or an independent pharmacist unfit to avail of certain branded medications.
The British Independent Pharmacy and Wholesale Association assists and guides independent pharmacies and wholesalers that are engaged in the export and import of medicines into and out of the UK. It helps them acquire hard to get medication through the promotion of a ‘Good Distribution Practice’ (GDP).
BIPWA has been created to give independent pharmacists and wholesalers a united voice to help them stand up to the unscrupulous manufacturers and their tyrannical hold on the smooth functioning of the pharmacy profession.
The British Independent Pharmacy and Wholesale Association (BIPWA) represent Independent pharmacists involved in the medicines supply chain, which is vital for the protection of patients.
The purpose of BIPWA is to make sure that the members and the sector that it represents exceed the safety and regulatory demands of the supply chain and that they continue to conduct business that adds value to the health of UK patients.
BIPWA membership offers a unique platform for your voice to be heard, whilst having access to all the support and guidance that you need. So don’t waste time and sign up today by logging onto our website’s membership page – http://www.bipwa.co.uk/en/membership or by calling us on 0800 009 3216
Choose the type of membership that suits you best and get acquainted with the information that you need in order for your pharmacy to succeed!