While many pharmaceutical companies develop, produce, and markets drugs licensed for use as medications some produce generic medications and medical devices as well. This industry is subject to a variety of laws and regulations regarding the patenting, testing, safety and efficacy and marketing of drugs.
Pharmaceutical drugs are used for the benefit of human and animal health. Innovators in pharmaceutical R&D of new drugs have not only controlled life threatening diseases and improved the quality of life and productivity, but have also increased the average life expectancy during the past few decades. The pharmaceutical industry is an important sector in the worldwide economy. Whether developing new groundbreaking drugs or generic formulations, the time and cost associated with research and development is significant. The formulation of strategic partnerships with firms focused on early diagnostics and the need for diverse supply chain management continues to challenge the leaders of this quickly evolving sector.
In addition, the Pharmaceutical Industry must manage and negotiate significantly complex legal and regulatory systems requiring extensive financial and compliance expertise. Through our StoneBridge division, we have audited all of the major pharmaceuticals wholesalers, distributors and pharmacy benefit managers in the U.S. Please visit http://stonebridgebp.com/compliance-auditing/distributor-supplier. Our team of accountants and industry experts can help you traverse this intricate environment.