Kiran Mazumdar-Shaw Says Pharmaceutical Businesses Need New Strict Controls
Need Strict Rules: Kiran Mazumdar-Shaw
Kiran Mazumdar-Shaw is the founder and executive chairman of the Indian pharmaceutical giant Biocon Ltd. She has been a proponent of stricter industry standards for a very long time. This essay will investigate her arguments for why a robust regulatory framework is vital for the health and bottom line of the pharmaceutical business, as well as the lives of its customers and consumers. Her arguments may be found here.
The Importance of a Strong Regulatory System
According to Mazumdar-Shaw, the pharmaceutical industry needs a strict regulatory framework in order to ensure that all drugs are of the best possible quality, safety, and efficacy for patients.
The regulatory framework mandates that pharmaceutical companies carry out a substantial amount of testing as well as clinical research before releasing a brand-new medication onto the market. Doing this technique guarantees that the medicine will work properly and is safe for human intake.
Clarifying matters is another component that contributes to the development of confidence among patients, physicians, and pharmaceutical companies. A robust regulatory structure provides this clarity.
When people are aware that a drug has been subjected to stringent testing and has been given the green light by the relevant regulatory agencies, they are more likely to trust that medication. The confidence of patients is essential to the success of the pharmaceutical sector because it encourages patients to seek treatment and requires them to take more medication.
Benefits of a Strong Regulatory System for Patients
Mazumdar-call The fact that Shaw wants stricter regulations could be beneficial to patients in a number of different ways.
Secondly, it guarantees that patients will have access to treatments that are both effective and safe. Because of the thoroughness with which the regulatory system studies medications, there is a decreased likelihood that products whose safety or efficacy are not completely understood will make it to market.
Patients are able to use pharmaceuticals without fear because they have been subjected to stringent testing and given the green light by the relevant organisations.
Additionally, ensuring that individuals have access to pharmaceuticals that are both safe and effective requires a rigorous regulatory structure. The system guarantees that all drugs are of an exceptionally high standard and level of purity by mandating that pharmaceutical companies conform to severe production criteria.
Patients can be sure that the medicines they take are of the highest quality and will help them on their way to getting better.
In conclusion, a rigorous regulatory system has the potential to bring down the prices of patients’ prescriptions. The regulatory system ensures the safety and effectiveness of pharmaceuticals, which prevents individuals from wasting money on treatments that might not work or could be fatal. This keeps people from throwing away their money.
As a consequence of this, it is possible that the costs associated with medical treatment will go down and an increased number of people will have access to necessary pharmaceuticals.
Benefits Of A Strong Regulatory System For Pharma Firms
According to Mazumdar-Shaw, pharmaceutical companies stand to benefit greatly from a regulatory environment that has been given careful consideration.
Second, because all companies are required to comply with the same laws, this creates a more level playing field for all of the companies. This guarantees that all companies will be able to compete on a level playing field and that even the smallest businesses will be able to compete with their larger counterparts.
Additionally, the honesty of pharmaceutical companies is safeguarded by a comprehensive regulatory structure. By ensuring the quality of pharmaceutical products in terms of both their safety and their effectiveness, the purpose of the regulatory system is to inspire confidence among patients, medical professionals, and pharmaceutical companies.
The confidence of patients is essential to the success of the pharmaceutical sector because it encourages patients to seek treatment and requires them to take more medication.
If, on the other hand, the drug is shown to be either hazardous or ineffective, the company’s reputation will take a significant hit. Sticking to tight laws that only let pharmaceuticals onto the market that are deemed safe enough to meet high safety requirements is one way for the pharmaceutical industry to protect its brand.
The establishment of a regulatory framework that has been given careful consideration can provide pharmaceutical companies with an advantage over their rivals.
The fundamental goal of the regulatory system is to promote patient confidence in the pharmaceutical industry by guaranteeing that the company’s goods are both safe and effective. This will allow patients to have more faith in the pharmaceutical industry. Increased sales and revenue are likely to emerge from the use of a pharmaceutical company’s products if that company has earned respect and confidence of the patients treated by its clients.
In addition, one of the most important factors that determine a firm’s ability to differentiate itself from its rivals and obtain a market advantage is the reputation the company has earned for providing pharmaceuticals of high quality.
Challenges In Implementing A Robust Regulatory System
Despite the fact that a strong regulatory framework is very necessary for the prosperity of the pharmaceutical industry, it is not always easy to put one in place.
According to Mazumdar-Shaw, one of the most important things to focus on right now is establishing a robust regulatory framework. The regulatory framework needs to find a happy medium between the competing goals of ensuring that drugs are both safe and effective without unduly burdening the pharmaceutical business.
If limitations are overly stringent, it could stymie the development of innovative medicines and make it more challenging for businesses to provide those treatments.
A second concern is making sure that the regulatory system is open to scrutiny and has clear lines of responsibility. Patients and physicians should be able to learn about the regulatory process and ask questions about it, provided that the process is transparent and understandable.
When owners of businesses break the rules, both the owners of the businesses and those who administer the regulatory system should be held accountable. Mazumdar-Shaw says that the task at hand is harder in countries where the government is corrupt, and the institutions don’t work well.
It is challenging for the regulatory framework to keep up with the always-evolving pharmaceutical business because of how dynamic the industry is.
The regulatory system needs to be flexible enough to keep up with the development of new technologies and medicines if it is to fulfil its primary purpose of protecting public health and safety. Because of this, there needs to be a set of guidelines that are flexible enough to adapt to different circumstances.
In conclusion, Kiran Mazumdar-Shaw is emphatic that the pharmaceutical industry needs to be subject to severe laws and regulations. She is of the opinion that it is worthwhile to employ this method because it guarantees that the treatment will be both successful and safe.
Patients can benefit from an efficient regulatory system because it increases the likelihood that safe, effective, and cost-effective pharmaceuticals will be made available. The pharmaceutical business can benefit from a favourable regulatory framework, which can level the playing field, protect its reputation, and provide it with a competitive advantage.
It is vital for the health of the pharmaceutical industry to have good regulation, and it is also essential that patients have access to the most up-to-date treatments; nevertheless, the execution of this legislation can be difficult.
Edited by Prakriti Arora