| Over the period of time, Research & Development | | | | Time, man power and revenue together contribute |
| service industry has reached new levels and scaled | | | | into developing a new drug. |
| great heights. Right from simple home remedies to | | | | Though new inventions resolve prevailing health |
| complex research processes, every year better and | | | | disorders, newer diseases evolve and the battle |
| modern products have been developed. The | | | | against illnesses continues. There is no dearth of |
| demands for medicines that speedily and effectively | | | | human intelligence, but the success and advancement |
| cure contagious diseases have further added to the | | | | of the pharmaceutical industry depends solely on the |
| need for extensive and deeper research. More | | | | Research & Development. |
| resources and personnel are attributed as far as R&D | | | | Like the other industries, pharmaceutical firms also |
| is concerned. The need for better and safer products | | | | need to focus on revenue and profit. Every drug |
| is never ending. | | | | needs to be approved by FDA, if it is not approved |
| Owing to the efforts and endeavors of | | | | then all the costs and resources allocated for |
| pharmaceutical industry a variety of health products | | | | developing it goes waste and can translate into |
| and medicines that cater to different diseases and | | | | heavy losses. |
| health issues have been developed. Though drug | | | | Billions and millions are spent on clinical trials, data |
| development was an import sector on earlier | | | | management, and labor costs too. If this part is |
| centuries, it is the 19th century that paved way for a | | | | outsourced the company can focus on other aspects |
| streamlined and organized drug development | | | | and avenues thereby resulting in cut down in costs |
| processes. The success of a pharmaceutical company | | | | and lesser requirement of human resources. For |
| entirely relies on innovation and out-of-the-box | | | | example, a firm can focus on in-depth research on |
| thinking. The stress is on being an innovator and | | | | the drug formula, while testing of drug safety can be |
| leader in the domain of Research & Development. | | | | simply outsourced. This will do away the need for a |
| In this modern age, latest equipments, skilled | | | | testing laboratory and personnel. |
| research team and fully equipped laboratories are in | | | | At times, then need for a local drug is there and you |
| place to conduct Research & Development. Before | | | | do not need a global product. For example Dengue |
| placing the medicine in market, it has to pass through | | | | has hit major parts of Delhi. So to transfer and |
| variety of phases and tests. Clinical research, | | | | set-up plants and establish a firm and a testing unit |
| metabolic studies, and pre-clinical pharmacology and | | | | needs huge funds and infrastructure in place. Rather |
| many other processes are undertaken before it is | | | | than re-locating the main firm or its personnel, it is |
| approved for use. The important thought behind this | | | | viable to hire and engage local resources or simply |
| is to introduce an effective and safe product (with | | | | outsource it to a specialized company. This results in |
| minimal side effects). This is a tedious process that | | | | speedy, hassle-free, thorough and cost-effective |
| involves trial and error, observations, and inferences. | | | | projects. |