Summarize the main point or objective of the author(s)
The authors of the article are analysing and outlining the role of the various sectors i.e. Public sector which in this case is the Federal Government and Private sector in respect to pharmaceutical Innovation and drug development funding.
Identify one key idea, situation, or event in, or related to, the article
A major topic or idea that comes up in this article is the funding aspect in pharmaceutical innovation. Most of the funding in this Industry comes from the Private and Public sectors and majorly from the government. The government has played a major role by funding research that is involved in drug development and discovery hence the public sector can be referred to as the main source of innovation in the pharmaceutical industry.
Despite the government being the main source of funding for bio-medical research, it does not get its value for money in that it funds the research projects but the prices of the drugs discovered still remains as high as it was initially. Further the government does not get a share of the profits that the researchers rake despite having funded the research projects themselves.
Relate it to an economic principle (e.g. tradeoffs),
concept (e.g. externalities), model (e.g. economic production),or issue (e.g. government subsidies
The main issue outlined in this case is that of Government subsidy. A subsidy is a relief that the government usually offers that seeks to tone down on production costs as well as encourage output production. The subsidy that is being outlined in this case is financial assistance (loans and grants) for those involved in pharmaceutical research.
Almost two-thirds of the drugs discovered are usually government funded. Primary the National Institute of Health (NIH) supports most of the national basic biomedical research. The public sector can be referred to as the main source of innovation in the pharmaceutical industry. The government usually involved in research that produces a drug through its agency or funds external researchers mostly universities. This is financial assistance is paramount to drug discovery as well as being an important economic factor towards bio-medical research.
Analyze which may include evaluating, critiquing, amplifying (i.e. adding perspective on), and/or speculating on (i.e. forecasting about)—the key idea, situation, or event that you identified
Well the main subject in this case was the Funding aspect as far as the drug development and bio-medical research is concerned. A major part of it comes from the government which represents the public sector and a smaller chunk that is attributable from the public sector. This implies that the government is the main source of drug related funding. Government funding is majorly important as it promotes and builds up an industry but on the hand those who receive need to give back to the government. This is achievable through lowering the cost of the drugs produced as they were produced using tax-payers money. Also to promote more research in the future for this to happen a chunk of the profits needs to be channelled back to the government to promote more research and production in future.
In addition to this the government should come up with clearly defined policies, frameworks and institutions that will govern funding on research and also channel a huger chunk of the National Budget than it is now to bio-medical research to promote more innovation in the health sector. In the future with the adoption and setting up of more research centres more funding and increased medical research we can speculate that there will be better drugs to curb the many diseases like HIV/AIDS and also the government will have a better bargain for funds disbursed towards medical research as they will be channelled back to its coffers to promote further and increased research.
Identify one key idea, situation, or event in, or related to, the article
A major topic or idea that comes up in this article is the funding aspect in pharmaceutical innovation. Most of the funding in this Industry comes from the Private and Public sectors and majorly from the government. The government has played a major role by funding research that is involved in drug development and discovery hence the public sector can be referred to as the main source of innovation in the pharmaceutical industry.
Despite the government being the main source of funding for bio-medical research, it does not get its value for money in that it funds the research projects but the prices of the drugs discovered still remains as high as it was initially. Further the government does not get a share of the profits that the researchers rake despite having funded the research projects themselves.
Relate it to an economic principle (e.g. tradeoffs),
concept (e.g. externalities), model (e.g. economic production),or issue (e.g. government subsidies
The main issue outlined in this case is that of Government subsidy. A subsidy is a relief that the government usually offers that seeks to tone down on production costs as well as encourage output production. The subsidy that is being outlined in this case is financial assistance (loans and grants) for those involved in pharmaceutical research.
Almost two-thirds of the drugs discovered are usually government funded. Primary the National Institute of Health (NIH) supports most of the national basic biomedical research. The public sector can be referred to as the main source of innovation in the pharmaceutical industry. The government usually involved in research that produces a drug through its agency or funds external researchers mostly universities. This is financial assistance is paramount to drug discovery as well as being an important economic factor towards bio-medical research.
Analyze which may include evaluating, critiquing, amplifying (i.e. adding perspective on), and/or speculating on (i.e. forecasting about)—the key idea, situation, or event that you identified
Well the main subject in this case was the Funding aspect as far as the drug development and bio-medical research is concerned. A major part of it comes from the government which represents the public sector and a smaller chunk that is attributable from the public sector. This implies that the government is the main source of drug related funding. Government funding is majorly important as it promotes and builds up an industry but on the hand those who receive need to give back to the government. This is achievable through lowering the cost of the drugs produced as they were produced using tax-payers money. Also to promote more research in the future for this to happen a chunk of the profits needs to be channelled back to the government to promote more research and production in future.
In addition to this the government should come up with clearly defined policies, frameworks and institutions that will govern funding on research and also channel a huger chunk of the National Budget than it is now to bio-medical research to promote more innovation in the health sector. In the future with the adoption and setting up of more research centres more funding and increased medical research we can speculate that there will be better drugs to curb the many diseases like HIV/AIDS and also the government will have a better bargain for funds disbursed towards medical research as they will be channelled back to its coffers to promote further and increased research.
