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The Complex Factors that Influence Drug Prices

Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem

What is the meaning of Pharmacy Practitioner?

Pharmacy Practitioner:

A "Pharmacy Practitioner” means an individual (Community Pharmacist/ Hospital Pharmacist/ Clinical Pharmacist/ Drug information Pharmacist) currently licensed, registered or otherwise authorized under the Act to counsel or otherwise and administer drugs in the course of professional practice. 

Types of Pharmacy Practitioners:

Community Pharmacist:
A “Community pharmacist” means an individual currently registered and who works according to legal and ethical guidelines to ensure the correct and safe supply of medical products to the general public. They are involved in maintaining and improving people's health by providing advice and information as well as supplying prescription medicines. 

Hospital Pharmacist:
A “Hospital Pharmacist” means an individual currently registered and who works in a hospital pharmacy service, primarily within the public / private sector. They are responsible for ensuring the safe, appropriate and cost-effective use of medicines. Hospital pharmacists use their specialist knowledge to dispense drugs and advise patients about the medicines which have been prescribed. They work collaboratively with other health care professionals to devise the most appropriate drug treatment for patients. Some pharmacists are also involved in manufacturing required drug treatments. 

Drug Information Pharmacist:
A “Drug Information Pharmacist” means an individual currently registered who works in a community pharmacy/hospital Pharmacy/teaching hospital/ other health care settings and provides information and advice regarding drug interactions, side effects, dosage and proper medication storage to patients/physicians/dentists/other health care professionals. 

Clinical Pharmacist:
A “Clinical Pharmacist” means an individual currently registered and who provides patient care that optimizes the use of medication and promotes health, wellness and disease prevention. Clinical pharmacists care for patients in all health care settings. Clinical pharmacists often collaborate with physicians and other healthcare professionals.

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