Gun, Hunting, And Personal Defense - 1024 Words

Putting rounds down range every time you pull the trigger on your firearm is very important, whether for target shooting, hunting, or personal defense. Equally important to putting rounds down range is the proper maintenance of your firearm. There are many types of firearms in today’s world with some that are more complicated than others in their operation and maintenance. One of the easier firearms to maintain is the Armalite Rifle, Model 15, otherwise known as the AR-15. The basic disassembly, or field striping, of the AR-15, is universal regardless of who the manufacture is or how the gas system is set up. You will only need a clear work surface, a beach towel or similar item, and a number 2 punch to complete the disassembly process.†¦show more content†¦Place your towel flat on your work surface before proceeding (this is to help prevent oil, grease, powder residue, and your firearm from damaging the work surface). The first step in disassembly after making the we apon clear and safe is to separate the upper receiver group from the lower receiver group. Locate the takedown pin, which is located just above the safety, and the pivot pin, which is located at the front of the lower receiver. With your number 2 punch depress the takedown pin from the left side. You should feel a noticeable click when the takedown pin overcomes the force of the takedown pin detent. Repeat for the pivot pin, being careful not to push the pin all the way through the receiver. The takedown pin and pivot pins should now be partially extended on the right side of the lower receiver. Lay the firearm on its left side so it lies flat on your work surface. Grasp the takedown pin from the right side and pull till it fully extends out the right side of the receiver. Again, you should feel a noticeable click when the detent pin engages the takedown pin at the fully extended position. Now repeat by grasping and pulling the pivot pin till it fully extends out the right side of t he receiver. Next, while holding the lower receiver group, grasp the upper receiver group and slide it clear of the lower receiver group. At this point the lower receiver group disassembly is complete, so sit it to one sideShow MoreRelatedThe Freedom And Freedom Of The United States Of America1603 Words   |  7 Pagesdefended by our courageous, gun wielding soldiers. Currently, in this turbulent time of politics in our nation, many of our rights and privileges are being aimed at for attack and infringement. In this case, particularly, it is the American citizen s right to bear arms. This right must be protected and preserved for the sake of the people of America and the country itself. U.S. citizens should be allowed to bear arms because they are an incredibly useful tool for self-defense, the second amendmentRead MoreDifferent Gun Laws Around the World Essay984 Words   |  4 PagesFirearm laws and polices are different around the world. For example, some countries such as t he United Kingdom, South Korea, Germany, and China have strict limits on gun possession, while others, like Switzerland, the Czech Republic, and the United States, allow larger access, while countries like Canada, and Finland are somewhere in the middle. Most countries hold the power to protect themselves, others, and police their own territory. However, this power can be taken away under unpredictableRead MoreShould Gun Control Be Banned?1191 Words   |  5 Pagessafety and opinions from people who either support or oppose gun control. With all the recent terrorist activity and violence, many people feel uneasy about the idea of others owning firearms. 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Gun control is a tricky topic and has the nation somewhat split both ways on it. 62% think that there is little concern for firearm restriction, while 33% say there is a need to worry about it, and the other 5% are indifferentRead More America Needs Some Gun Control Essay1552 Words   |  7 Pages Gun control is the effort to restrict or limit the possession and use of guns. The gun control debate may be one of the most important issues in our society. The U.S. Supreme Court ruled in 2008 that the 2nd Amendment restrains the government’s ability to ban handguns. Some politicians are passionate about gun control and make voting decisions based upon on this issue alone; hence, the people we elect into office directly affect our lives. A few republican politicians have a strongRead MoreGun Control Of The United States1166 Words   |  5 PagesSince America’s birth, guns have played a large part in it’s society. Citizens of the United States have used firearms to protect the land they love, and their families. They even use them for engaging activities such as hunting and sport. Though firearms may seem to have a commonplace in society, weighing the rights and liberties of citizens against the safety and welfare of the public has always been a delicate process. In the United States, gun control is a of heated issue that has two sides.Read MoreTaking a Look at Gun Control1263 Words   |  5 PagesGun control is one of the most controversial topics in our country. There are two main views. The first is the view as it is said in the United States Constitution, they guns should be legal for civilian ownership. The second view, and the severity of its enforcement varies from person to person, it that gun control should be enacted . This could just mean smaller magazines, to no semi-automatic guns, or even to a complete ban. The founding father’s view is basically what is still used todayRead MoreIn Recent Years, We Have Seen An Increase In Mass Shootings1638 Words   |  7 Pagesmore gun laws be enacted?† Firearms are rooted deep our country’s history; our founding fathers having fought the revolutionary war for our freedom recognized the importance of guns to citizens. Adding it as a fundamental right in the constitution as the second amendment. Stating that A well regulated militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed. In this essay, I will be making the case for why stricter gun lawsRead MoreThe Case Of Statled Amendments In The State Of Colorado1157 Words   |  5 Pagesproperty owned or controlled by her. A permit is needed by all qualified citizens in Colorado to lawfully possess any firearm. State Constitutional Provision. The state gun law was established by the state constitutional provision Article 11, Section 13 which states that â€Å"the right of no person to keep and bear arms in defense of his home, person and property, or in aid of civil power when thereto legally summoned, shall be called in question; but nothing herein contained shall be constructed toRead MorePersuasive Essay On Bear Arms1201 Words   |  5 PagesDuring that time, there were no public safety systems, like the police, and there were no automatic weapons available. From a personal protection angle, people own guns for self-defense, is impractical and glamorized. There is no reason for a person who lives in the suburbs to have a semi or fully automatic rifle or multiple weapons. Even if the arguement is for hunting for example, you should not need an semi or fully automatic rifle. People who live off the grid or need to hunt for food to live

Problem Solving And Decision Making - 3730 Words

Problem solving Decision making in Industrial Management Table of content Content page no Abstract Introduction Problem solving Problem solving framework †¢ Problem identification †¢ Problem verification †¢ Problem definition Root cause analysis Aalternative generation Evaluation of alternatives Implementation Post-implementation review Institutionalization and control Decision making Steps involve in decision making Example of problem solving Conclusion References Abstract: Today, problem solving is no longer an exclusive responsibility of those occupying the executive Suite. As new and complex business challenges become further, everyone in the organization isaccountable of solving workplace problems. Problem solving and decision making in an organization contain many elements. Effective problem solvers identify the value of structurally controlled problem-solving methods to promote discipline and increase the chance for achievement. Problems must initially be defined before an investigation of the causes can begin. This paper mainly describes the importance of problem solving and decision making for an organization and how to resolve them. It also discusses about steps in problem solving and decision making, nature of difficulties in modern work places, developing and estimating alternative solutions. Introduction: Problem solving and decision-making are important skills for any company.Show MoreRelatedProblem Solving And Decision Making1492 Words   |  6 Pages602: Problem Solving and Decision Making Assessment 1 PART A. Section I. Question 1. Information that Luke needs: Train schedule Weather Knowledge of the meeting place Conflict in using the bathroom (if sharing with someone else in a flat) Possible delays like traffic caused by road constructions or accidents 1.1. A problem is a question or situation looking for a concept or a solution. 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Entrepreneurship of Woolworths Ltd

Question: Discuss about theEntrepreneurship of Woolworths Ltd. Answer: Introduction: This assignment consists of analyzing the different principles and concepts related to Entrepreneurship. The researcher has chosen Woolworths Limited to conduct this report. The assessment includes acquiring the business of Woolworths Ltd and providing adequate leadership qualities to sustain it. The concepts of entrepreneurship and the role of entrepreneur in setting up an organization are concluded in this report respectively (Drucker 2014). Entrepreneurship is the art of setting up an organization individually rather than working for someone else. A successful entrepreneur is an individual who is able to bear the risk of starting a new venture. An Entrepreneur takes all the decisions of the organization; he/she is responsible for all the risk associated with the business (Drucker 2014). An entrepreneur is typically a Sole Proprietor, an active Partner and the person who generally holds most number of shares in a business venture. To become a successful entrepreneur a person needs to have these qualities such as ample amount of confidence, open minded in nature, competitive personality, creativity in work, strong determination, and ability to handle pressure, strong work ethic and passion for business (Grimes et al. 2013). To start a new business these qualities are necessary to be performed simultaneously to provide efficiency and increasing the growth of the business. In this assessment, the researcher has acquired Woo lworths Ltd business and provided adequate solutions to develop it by using strong entrepreneurship skills and concepts (Grimes et al. 2013). Industry Description: Woolworths Ltd is a major retail company of Australia; the company consists of huge revenue and profit growth. In this report, the researcher has selected the retail industry of Australia because the retail industry has great diversification such as the size of business is large, healthy amount of competition in the market and huge opportunities prevailing in the market towards growth an expansion (Drucker 2014). Retailers do not only sell goods to their customer but also assists them in buying and suggesting new product offerings. The diversification of retail industry is huge such as large departmental stores. Woolworths is one of the strong brands of supermarkets in Australia and by acquiring it, the researcher will be able to gain most of the market share in Australia. The primary market will consist of the domestic market of Australia and it surroundings states. The retail industry consists of selling consumer goods and services to various customer through numerous logistical ch annels (Frese and Gielnik 2014). Necessities in Becoming an Entrepreneur: There are very few people in the world that may really become a successful Entrepreneur but if a person has the passion of becoming one, he/she can achieve it effectively (Carland and Carland 2015). There are various reasons why a person should become an entrepreneur and they are as follows: Huge Opportunity: When a person works in an office, he/she has to work for 8-9 long hours and the person has to follow the same routine everyday and have to work under a boss. However, in the case of entrepreneurship there is a large opportunity of doing work on own freedom and taking all the decisions by himself. In this case, of entrepreneurs time is not the factor it is all about the motivation towards setting up an organization (Carland and Carland 2015). Autonomy: There is huge scope of independence in Entrepreneurship that generally lacks in official jobs. The corporate culture is very dissatisfying and it is very difficult to sustain it in the end. Whereas by acquiring Woolworths retail chain, it will be beneficial in creating a huge growth in the market and being an entrepreneur there are high scope of developing the business as it is facing severe competition (Gupta, Chiles and McMullen 2016). Responsibility towards Society: One of the major qualities of an entrepreneur is the measure he/she takes towards developing and sustaining the society. Not only the macro level but also initiating efficiency in the micro level of the business environment (Gupta, Chiles and McMullen 2016). However, the reason behind acquisition of Woolworths Ltd is to develop the industry and provide maximum customer satisfaction with increasing level of services to them. Huge Profit Possibilities: The main objective of being a successful entrepreneur is to increase the earning potential of an individual. In a corporate job, the earning potential is restricted; a person may receive promotions and hike in the salary but in the case of entrepreneurship the possibility to earn huge profits are available by venturing in the right business and efficiency in the business operations (Frese and Gielnik 2014). Control: The main objective behind becoming an entrepreneur is the essence of security, which is resulting from being able to control the work. By acquiring Woolworths Ltd, the entrepreneur will be able to control the outcome of the business, take appropriate decision regarding the structure of the organization and provide adequate measure to tackle all the business risks (Frese and Gielnik 2014). Innovation: Entrepreneurs are known as innovators as they often produce new products and services in the society. Innovation is an art, which is performed by successful entrepreneur in creating outstanding product differentiation and provides competitive advantage in the market. Woolworths Ltd is a good brand of supermarket retail organization but there are few drawbacks as there is a lack of effective services in the organization. Therefore, by purchasing it and with proper entrepreneurship qualities and innovation of products and service Woolworths market worth will be increased (Weaver et al. 2012). Corporate Culture: By becoming an Entrepreneur, an individual is able to create its own corporate culture according to his/her beliefs and character. The development of good working environment is solely depended in the hands of the Entrepreneur. With the acquisition of Woolworths Ltd, the entrepreneur will create a new corporate culture and new policies and procedures to regulate the organization more effectively and provide employee satisfaction (Weaver et al. 2012). Legacy: The entrepreneur is always responsible for making a brand famous and with proper brand image and goodwill of the brand creates an appealing legacy for the innovator. The use of effective technology and internet there is a big possibility of growing the market of Woolworths Ltd in Australia, and with proper leadership qualities of the entrepreneur the business will have a great impact on the coming generation and sound legacy of the firm (Carland et al. 2015). Urging of Passion: Entrepreneurship is all about fulfilling individual passion. For example, a corporate worker he/she does the type of work that the company offers them to do but in the case of entrepreneurship, an individual can choose the field of their choice and pursue their goals simultaneously. Entrepreneurship leads towards promotion of creative thinking and provide an individual to accomplish his/her goals effectively (Bailey et al. 2015). Analysis Based Consideration of the Positioning of Products Services in the market: Positioning of products and services consideration solely rely on the potential of the product and the services in the market (Arli et al. 2013). Woolworths has emerged out as one of the biggest retailers in the Australian market, which is occupying a dominant position in the market with retail stores comprising of grocery items, liquor, petrol, general goods, consumer electronics etc. Since its incorporation in 1924, Woolworths is continually growing as a giant brand (Bailey et al. 2015). The Company has 3,000 stores approximately with 965 supermarkets in Australia and New Zealand. The kind of dominance, which the Woolworths have in the Australian market, it has the potential to bring cheers on those faces who wish to acquire the Company to achieve the entrepreneurship (Keith 2012). The Company conducts its business through five business divisions. Retail liquor outlets and petrol outlets, the supermarket division, general merchandise division, which operates through BIG W discount stores, hotels division, which encompasses on liquor sales (Mialon et al. 2016). It operates as the parent company of The Warehouse Group Limited, which is one of the largest department stores in Australia (Wang 2015). In recent time, there is a slight fall in the market share of the Company whereas Aldis market share is on a rise (Mialon et al. 2016). As per a new research conducted by Roy Morgan, the market share of Woolworths has fallen to 37.3%, while the market share of Aldis is on a rise and has risen to 12.1%. However, Woolworths continuously enjoying their lion share in the market, customers thronging to Aldis have increased (Keith 2012). The story clearly tells that Woolworths is struggling to maintain the same dominance in Australia in course of achieving a high market profit, it lost on the budgetary part of products. Moreover, this is where it has given an uncalculated space to its rivals such as Aldi, Coles and Costco. Woolworths is struggling to compete against Coles, as the purchase rate is being challenged (Mialon et al. 2016). The analysis of the market picture makes it clear that to successfully resourcing of the business, it demands a proper market study (Mialon et al. 2016). The dominance is challenged but is alive and that gives the learner, a sufficient space to prosper, riding on the success of the Company. The products and the business need no introduction, only the proper coping with the customers requirement is sufficient (Smallbusiness.chron.com, 2016). Business Resourcing Options: Business resourcing is a method by which an enterprise or business is undertaken to achieve a preferred outcome. There could be various options to resource a business by acquiring a giant leader such as Woolworths. These resources help in further flourishing of the existing relationships with all the stakeholders expectations (Bailey et al. 2015). Moreover, a business resourcing options include the followings that help in successfully relaunching of the business in the market with the acquired brand (Smallbusiness.chron.com, 2016). Financial Resources: The most important of all to start a business is the availability of the sufficient funding. The acquiring of such a giant business leader Woolworths and then implementing the entrepreneurship principles is a long process and needs a proper care with the funding (Bailey et al. 2015). To overcome the current loophole in Woolworths, Which are responsible for a continuous share fall, require proper analyzing of the market then doing correct market promotion. Market promotional events incur a huge amount, it goes on piling once the requirement, and the expectations of customers are identified (Bailey et al. 2015). Human Resources: The success of a business depends highly on its quality employees, which can use their expertise to their potential to resurrect some of the lost plot of Woolworths with different identification brought by some other company acquiring the Woolworths business (Bailey et al. 2015). These human resources have the responsibility to identify the sheer class employee and then select those once the eligibility criteria meet. A bunch of experienced employees those have innovative thoughts and love experimenting with their ideas needs their employment in the company (Motley Fool Australia, 2016). There can be various ways to hire new employees and this includes direct walk-in or a referral process, which include the participation of the existing employees (Bailey et al. 2015). Moreover, those existing employees whose judgments are respected need to participate in the referral process. Physical Resources: Physical resources are all tangible resources of the company that includes manufacturing equipment and official machineries. It also includes land, labour and people. Physical resources are also very important for an entrepreneur to launch the business after acquiring a giant leader such as Woolworths. The expansion of the business after acquiring a business requires huge marketing stuffs such as marketing materials for the market promotion (Bailey et al. 2015). Educational Resources: Educational resources consist of gathering proper knowledge about the market and competitors before entering into the market. Education is probably the best, which can help an entrepreneur to launch its business after acquiring the business of a giant leader such as Woolworths (Bailey et al. 2015). An entrepreneur needs to have a proper analysis of the market and the requirement of customers, what other has missed on this (Budisantoso, Wickramasinghe and Teoh 2014). Woolworths is still a giant leader but a continuous drop in the market share has attracted the learner to acquire its business and promote this with new added features. Emotional Resources: Starting up an acquired business requires a bunch of such people who can stand by the management and fill them with inspirations in a situation when they are demoralized (Bailey et al. 2015). A time comes when things do not turn up to the expectations, people tend to lose hope and get nervous. However, a good entrepreneur has all the capabilities to overcome the situation but still, it is a human instinct, which require someone to console and motivate for the challenge (Bailey et al. 2015). Launching some newly, added concepts with the existing concepts of the Company require serious patience from the entrepreneur to stay undetected in any sort of situation. Recommendation: The first point of recommendation revolves around the proper study of the market. It consists of customers requirement and the current market shares of the competitors. Proper analysis of the market competition and the point of attraction in its competitors for the customers need a broader study. The second point of attraction is about proper handling of the employees to give it a dimensional move. Moreover, successful entrepreneurs do possess this quality and utilizes this to the fullest of benefit. The third point of attraction speaks about the flexibility as it holds a significant importance with this. Woolworths for an example continually focused on their profit margin and did not compromise with the customers requirement. It is because of the fact that the Woolworths faced strong challenge from the comparatively cheap product manufacturer company Costco. Conclusion: Entrepreneurship is all about starting something new and achieving success in them. In this assignment, the researcher has acquired the business of Woolworths Ltd and provided adequate entrepreneurship concept to improve its operations. Launching a new concept by acquiring an existing business of the likes of Woolworths who have already dominated the Australian market require an extensive study of the market. Woolworths are still the dominant company in the Australian market with maximum market share but a continuous drop has put them in a significant defiance from the customers. Loyal ship is no longer a universal concept when it asks customers to make selection on their brand choices to which they have strong faith. Moreover, brands that meet with the customers requirement eventually come out as the dominant character in the market. Increasing customer base of Costco and Aldi in recent time, significantly prove the role of customers requirement in deciding the fate of a brand in th e market. An entrepreneur has all the basic instincts inbuilt in it to take over a brand and then relaunch this in the market with some added features to catch the present trend of the market. Flexibility is the most important key of an entrepreneur, which constructs its story of success in the market. With the help of proper entrepreneur qualities, an individual can provide success towards it business venture and lead to customer satisfaction. References: Arli, V., Dylke, S., Burgess, R., Campus, R. and Soldo, E., 2013. Woolworths Australia and Walmart US: Best practices in supply chain collaboration. Journal of Economics, Business, and Accountancy| Ventura, 16(1), pp.27-46. Bailey, J., Price, R., Pyman, A. and Parker, J., 2015. Union power in retail: contrasting cases in Australia and New Zealand. New Zealand Journal of Employment Relations (Online), 40(1), p.1. Bridge, S. and O'Neill, K., 2012.Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan. Budisantoso, T., Wickramasinghe, A. and Teoh, T.T., 2014. Entrepreneurialism in discovering the role of inspiring shopping motivation in Australia and Indonesia. International Journal of Process Management and Benchmarking, 4(3), pp.247-261. Cajaiba-Santana, G., 2014. Social innovation: Moving the field forward. A conceptual framework.Technological Forecasting and Social Change,82, pp.42-51. Carland, J.C., Carland, J.W. and Stewart, W.H., 2015. Seeing what's not there: The enigma of entrepreneurship.Journal of small business strategy,7(1), pp.1-20. Carland, J.W. and Carland, J.C., 2015. A model of potential entrepreneurship: Profiles and educational implications.Journal of Small Business Strategy,8(1), pp.1-14. Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship.Annu. Rev. Organ. Psychol. Organ. Behav.,1(1), pp.413-438. Gedajlovic, E., Honig, B., Moore, C.B., Payne, G.T. and Wright, M., 2013. Social capital and entrepreneurship: A schema and research agenda.Entrepreneurship Theory and Practice,37(3), pp.455-478. Grimes, M.G., McMullen, J.S., Vogus, T.J. and Miller, T.L., 2013. Studying the origins of social entrepreneurship: compassion and the role of embedded agency.Academy of management review,38(3), pp.460-463. Gupta, V.K., Chiles, T.H. and McMullen, J.S., 2016. A process perspective on evaluating and conducting effectual entrepreneurship research.Academy of Management Review,41(3), pp.540-544. Keith, S., 2012. Coles, Woolworths and the local. Locale: The Australasian-Pacific Journal of Regional Food Studies, 2, pp.47-81. Kuratko, D.F., 2016.Entrepreneurship: Theory, process, and practice. Cengage Learning. Mialon, M., Swinburn, B., Allender, S. and Sacks, G., 2016. Systematic examination of publicly-available information reveals the diverse and extensive corporate political activity of the food industry in Australia. BMC public health, 16(1), p.1. Motley Fool Australia. (2016). ALDI is stealing market share from Woolworths Limited. [online] Available at: https://www.fool.com.au/2016/04/15/aldi-is-stealing-market-share-from-woolworths-limited/ [Accessed 31 Dec. 2016]. Putta, S.S., 2014. Improving Entrepreneur's Management Skills through Entrepreneurship Training.Journal of Commerce and Management Thought,5(3), p.459. Smallbusiness.chron.com. (2016). 5 Resources You Need to Succeed to Start a Business. [online] Available at: https://smallbusiness.chron.com/5-resources-need-succeed-start-business-23.html [Accessed 31 Dec. 2016]. Wang, Z., 2015. Supermarkets and gasoline: An empirical study of bundled discounts. Resources for the Future Discussion Paper, pp.15-44. Weaver, K.M., Liguori, E.W., Maurer, J., Bendickson, J. and Gibson, B., 2012, January. What Really Impacts Local Business Climate: Evidence of the Need for Entrepreneurship-Friendly Policy and Entrepreneurial Role Models. InICSB World Conference Proceedings(Vol. 2, No. 1, p. 1). International Council for Small business (ICSB).

Pharmaceutical Industry free essay sample

Pharmaceutical Industry Introduction 1 The pharmaceutical industry entails a team involved in the invention of a drug. The team consists of the drug producers, formulators, promoters and prescribers. (Swayne, Duncan, amp; Ginter, 2011) Since the foundation of the pharmaceutical industry in the 90’s with inventions of Insulin and Penicillin, the purpose of the pharmaceutical companies has been for production of Medicines and medical devices. Ency) The purposes of their product are solely for diagnosis, treatment, and prevention of diseases in humans and animals. In this case study, we will describe the pharmaceutical industry and its products, evaluate its market size, and name its major players. We will also talk about the research and development involve in the production of a drug, describe the approval process of a drug and a short summary of our evaluation of the industry. . Medicines have been classified into three different 3 different groups, over the counter drugs, pre scription drugs, and generics. We will write a custom essay sample on Pharmaceutical Industry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Prescription and over the counter medications (OTC) are the most commonly abused substances after alcohol and marijuana in Americans 14 years and older. Although many think that OTC and prescription drugs are safer than illicit drugs, it is only true when there are taken in the prescribed amount and for the right illnesses. Among the commonly abused medications are many prescribed drugs which include Addictive, sedative and antidepressants, and stimulants. National institute of Drug Abuse, 2013) Since some medications have psychoactive and strong sedative complicated effects, The Food and Drug Administration and pharmaceutical companies are collaborating in deciding what medications should be more restricted and require the prescription of a specialist while others can be purchased from over the counter. In determining what medication can be purchased over the counter, the FDA created a list of 80 categories and over 800 ingredients that can be used as OTC treatments without the need for prescription. While medications that did not have these ingredients had to be regulated by the FDA. The FDA then evaluates the safety of the drug for the public before it becomes a prescription drug. Being in the medical field, the term generic is one that I hear very often. So what does it mean for a medication to become generic? When medications are first manufactured, they use the chemical name of the ingredients which they are made off and they are tagged with a patent that last for 20 years, for example Atorvastatin becoming the generic LIPITOR. During the patent period, no competitors are allowed and their prices are significantly higher than it would be as a generic. After the 20 years of being patent expires, the drug becomes generic and it changes its name to the company’s name, and its prices drop while competitors emerge. Take for example in 2002, patented brands averaged up to $75. 82 and generic drugs averaged up to $27. 16. (Swayne, Duncan, amp; Ginter, 2011) Market Size and Major Players The Pharmaceutical industry represents about $0. 5 trillion globally the pharmaceutical company is worth over $300 billion a year and it’s expected to rise to $400 billion within 3 years. With more than 80 percent of the sales in 10 nations, 10 of the largest drug companies control over 1/3rd of the market. 85% of global pharmaceuticals are in North, South America, and Europe. Major countries involved include the U. S, Japan, Switzerland, Germany, Russia, China, South Korea, and Mexico. Six of these markets are based in the U. S and four in Europe. The United States remains the leading market with over 45% of world spending and 2. 1% of its GDP. (WHO, 2013) The major players of the pharmaceutical companies today continue to be those that have been in existence since the 90’s. Pfizer has remained a top player for the past several years. Novartis jumped from the #2 to #3 position due to its Alcon revenues, while Meck jumped from #6 to #3. Below is a list of top pharmaceutical companies based on 2010 revenues in millions; 1. Pfizer $58 2. Novartis $44 3. Merck amp; co $39 4. Sanofi $37 5. GlaxoSmithKline $36 6. AstraZeneca $32 7. Johnson amp; Johnson $22 8. Eli Lilly amp; Co. $21 9. Abbott Laboratories $19 10. Bristol-Myers Squibb $19 (Gill, 2011) Below is a list of the pharmaceutical companies in the USA, based on 2012 revenues in millions; 1. Pfizer $67 . Johnson amp; Johnson $65 3. Merck amp; co $48 4. Abbott Laboratories $38 5. Eli Lilly amp; Co. $24 6. Bristol-Myers Squibb $21 7. Amgen $15 8. Gilead Sciences $8 9. Mylan $6 10. Allergan $5 (Fortune 500, 2012) Globalization is certainly taking a toll in the pharmaceutical companies. Pharmaceutical companies are going global and swooping in to purchase drugs which have passed the early phase of testing in other countries. Take for example a partnership that occurred in the early months of May 2011 between Sanofi Co and Glenmark for the purchase of an anti-inflammatory drug for Crohn’s disease. The pharmaceutical company also paid Glenmark for the same drug to be marketed in other countries such as japan, mexico, china and Uruguay. This step towards globalization will help for better collaboration, sharing of information, better outcomes with research and development investments and in the future better drug pricing. (Sophia, 2011) Furthermore, in a more recent article Merck amp; Co and Pfizer Inc. announced a worldwide collaboration for a development of an ertugliflozin for treatment for type II diabetes. Since they intend on sharing the revenues and costs, this will eventually reduce the amount needed per company on the drug, reduce the cost of marketing, and the worldwide distribution of the drug could help with a reduction in the cost of the drug as per pill. (Wireless news, 2013) Research and Development The role of Research and development is vital in a pharmaceutical company. It is important for the discovery of a new medication, more about diseases, cure, prevention and diagnosis. Without research and development for new drugs in a pharmaceutical company, they will eventually have no revenue. Over the past decades, the number of new drugs that have been approved each year has relatively remained stable of an average rate of 15-25. (Susan, 2012) Most pharmaceutical companies have been known to spend one-third to one-fourth on marketing, which is about twice the amount spend on research and development. Pharmaceutical companies claim research and development is more vital than marketing, but since marketing brings in the finances multiple reviews have shown that more is certainly spent on marketing than on research and development. An independent analysis of these industries revealed that they spend only about 1. 3% of its revenues on research and development (Ramp;D), 4/5th of its research funds for vaccines and new drugs actually comes from public funds. (Susan, 2012) Although some government funds are also given, they are solely for research on diseases and their preventions. Unlike other product manufacturers, one out of every 10,000 discovered compounds actually becomes a drug approved for sale, so there is a huge chance of invested money loss. A lot of the money invested in a drug is in the early phases of the drug, and among the many drugs approved only 1 out of every 3 drugs generates enough revenue to cover the development cost. The average cost of developing a successful drug been estimated to be about $1. 3 billion. (Susan, 2012) Although research and development cost has risen about $34. 2 billion between 1995 and 2010, revenues have risen even faster by $200. 4 billion within the same period. As the cost of research and development remain expensive and stable, and pressures for profit rises, many of the major organizations turned to In-licensing. In-Licensing is a partnership that develops between companies. For example In-Licensing Company specializes in just Ramp;D and they collaborate with larger pharmaceuticals which eventually markets the drug. (Swayne, Duncan, amp; Ginter, 2011) FDA Approval Process The approval process of a drug is a long, expensive, complicated and time consuming process. Most drugs take about 8-10 years for their approval. Drugs go through certain stages of evaluation. Two stages include; Investigational New Drug (IND); they review the process to determine whether the product was suitable for use in clinical trials. New New Drug Application (ND): they review the process to determining the benefit or risk profile of a drug prior to its approval for marketing. The complete process includes pre-clinical research, clinical studies and the NDA reviews. The pre-clinical research consists of synthesis, purification of the drug, and short or long term animal testing. Clinical studies consist of 3 pre-approval stages and one in the post marketing stages. Phase 1 which is the first trial for testing in rural healthy volunteers, this plays a role in testing safety, tolerance and pharmacokinetics. Phase 2 is the first trial on individuals with the disease to be treated, diagnosed or prevented. It is used to determine the efficacy, safety, and dosage regimens. Phase 3 is an expanded clinical trial which gets additional evidence for determining the evidence and specific indications as well as adverse effects. Phase 4 is post marketing studies, it determines the incidence of adverse reactions and serious effects that were not identified in prior phases. After a drug passes all of these stages, it is patented for 20 years from the date of its application. During this period of the drug’s patent and a period of being exclusive, no competitors are allowed to offer their products. When the product becomes generic, competitors goes through the FDA approval process, and are approved only if they are as efficacious as the generic brand. The competitor brand drug goes through all of the process of evaluation, but the generic drug goes through a similar process except instead of animal studies, clinical studies and bioavailability, it only undergoes bio-equivalence and instead of going through NDA requirements it goes through an ANDA requirement. Swayne, Duncan, amp; Ginter, 2011) Conclusion Pfizer one of the top pharmaceutical industries is ranked among the top 50 fortune companies in fortune magazine, without a doubt pharmaceutical companies are among the the top business moguls in the world today. With stabilization in the amount of drugs released yearly and the amount of increase in revenues per drug, and per pharmaceutical compani es, critics question the increase in prescription pills. Between 2002 and 2003, the average cost of brand name drugs protected under the patent rose from $75. 2 to $84. 21, while the generic only rose from $27. 16 to $30. 56. (Swayne, Duncan, amp; Ginter, 2011) The pharmaceutical industry in their defense complains that the research and development cost have risen significantly and they also complains that the cost of development have increased which is also true. Between 1995 and 2010, they have been a rise in $34. 2 billion dollars which pharmaceutical companies complain about, in 1997 the cost of one single drug was $802 million and in 2005 it had increased to $1. billion. Pharmaceutical companies claim the increase in cost is due to the gamble of making a new drug, time in Ramp;D and in the FDA approval’s process. (Johar, 2012) These companies fail to mention that within the same period they have been an even faster rise in revenues by $200. 4 billion. (Susan, 2012) In ac tual fact, the net profit made by pharmaceutical company is higher than profits for all of the fortune 500 companies, it was ranked first for return in revenues in 2005 (Johar, 2012). In other reviews, 9 out of 10 newly approved medications offer only minor variations from older drugs and these drugs have been shown to be very profitable to these industries. With the rising cost of healthcare, increasing premium insurances and increasing co-pay, certainly changes needs to occur in the pharmaceutical industry. Reference Fortune 500 (2013) Top Pharmaceutical Industries. Retrieved from http://money. cnn. com/magazines/fortune/fortune500/2012/industries/21/ Gil y. Roth (2011) The Top 20 pharmaceutical companies. Contract Pharma.