Most people do not think about their health until they get sick. And when people get sick, they want to make sure that they can access the best treatment available. As well as the best medical doctor, and the best hospital, innovative medicines play an important role in delivering the best healthcare possible.
Innovative medicines help people living longer, healthier and more productive lives. They are transforming HIV and many cancers into treatable conditions, reducing the impact of chronic diseases like cardiovascular disease, diabetes, osteoporosis and rheumatoid arthritis, and fighting even the rarest conditions. The introduction of innovative drugs reduces hospitalization and other healthcare costs such as major surgery cost and costly assistance with recovery.
The research-based pharmaceutical industry’s activities have a strong and positive socioeconomic impacts in the form of investments and technology transfer in R&D, manufacturing process as well as the constant improvements in academic research. It also stimulates the creation of companies that support parts of the research and production process.
Transfer of advanced technology is essential for economic development. It is one means by which low – and middle-income countries can accelerate the acquisition of knowledge, experience, and equipment related to advanced, innovative industrial products and processes. Technology transfer has the potential to help improve health. It also benefits the overall economy by increasing the reliability of supply, decreasing reliance on imports, and raising the competence of the local workforce.
The research-based pharmaceutical industry makes a major contribution to the prosperity of the world economy. It contributes to employment (direct, indirect, or induced), trade (through imports and exports), expenditure on research and development (R&D), and technological capacity building. It also stimulates the creation of companies that support parts of the research and production process. It is also a necessary foundation for the existence of the generic industry. Research-based industry in Thailand provides more than thousand of high-skilled jobs through direct employment and induces the creation of many more indirect jobs. Employees working in a research-based pharmaceutical company often receive qualified training and are exposed to new technologies and processes. This knowledge becomes an asset for the entire workforce, as the employees may later change jobs or start their own companies, hence fostering economic development.