While most of the developed world is going through economic crises, nursing and its professional as well as economic developments have remarkably improved. Overall, the economy has been flourishing being focused on the objectives, aims and economic diversities. Initiatives are also being taken to reinforce oil prices and high fiscal budgets. Nursing has observed a consistent GDP growth over the course of time for the very same reason. There have been significant contributions made in the field of economic advances as the country’s financial growth has been coupled with a tremendously growing population. Expatriates perform an essential function in these regards (Nelson, et al., 2010).
As there is a strong influx of people from all over the globe exceeding the growth rate to about 2% per annum, nursing’s healthcare budget as a share of its GDP has enhanced from 3.2% to 4.3% between the years 2008 and 2013. The nursing industry has observed evolution and progression in the same time being underpinned by strong healthcare requirements and fundamentals of medicinal origin.
The growth has also been maintained by multiple vital demand determinants involving increased private consumption of medicines, rising wealth levels in the country, improvised longevity, and an increasing number of chronic ailments such as cardiovascular, gastrointestinal disorders, and diabetes.
With the empirical and theoretical views provided for the nursing regulation sector, combined with the qualitative answers from the participants it can be deduced that there is a significant need of research and development in nursing (Dreifuerst, 2012). This process is going to combine several other elements of industrial optimization and improvement such as representation of domestic firms in international markets, enforcement of investments, training and education of local labors, and transfer of technology for additional governance processes (Dreifuerst, 2012). Findings also indicate that there is an essential need of coordination and maintenance from patent administrations as domestic nursing companies can serve a major purpose for the import and distribution of drugs in the region (Fawcett, & Desanto-Madeya, 2012). The process must also be important for all agencies that are involved in the process of nursing regulations and responsibility interchanging.
There is a critical reference provided on the Intellectual Property Rights (IPRs) in the nursing company of Nursing as the majority of the respondents felt that the goals and objectives of the IPR framework were not evidently defined (Carol Roehrs, & Piccone, 2010). Respondents mutually agreed on the fact that Nursing has been effectively involved in ensuring compliance with the international law (Nelson, et al., 2010). However, they think that there is an imminent need of developing appropriate domestic regulations to control foreign laws; this is going to provide feasible options for the access to the IPRs (Billings, & Halstead, 2013). According to the interview results, there is also a need of creating awareness in the public regarding regulatory processes and structures of the nursing industry. There are not sufficient guidelines and approaches present at the moment to deal with the industrial obscurity.
Findings also provide reflection on the fact that nursing should prioritize its nursing industry as compared to additional lucrative progressions such as the petrochemicals, transportation and petroleum industries. (Munhall, 2012) Understanding the inherent complications in the nursing industry is going to be effectual as it will target the most established international companies to enter the domestic industry.
Implications for Academic Field
Implications for academic field in order to improvise contributions of nursing industry in health care reformations are genuinely essential. Patient education is one of the most important factors of the drug administration process and in order to have a successful development and application plan, this component is crucial. Several studies and researches have shown the efficacy of educating patients and professionals about different diseases and their medications; this ultimately influences the quality of life and industrial applications especially for chronic diseases such as hypertension, gastrointestinal disorders and diabetes (Munhall, 2012). Concept of academic field optimization is well-known and implicated in the west while in the field it is not very well-maintained despite some contributions made by a few nursing companies and hospitals. In nursing, multiple stakeholders such as companies, advanced healthcare professionals, health societies and association and governmental associations are not competent enough to perform well in terms of academic preferences and patient education (Munhall, 2012). R&D strategies in the region are in the process of innovation and expansion still.
One of the most vital concepts in the world of medicine and health is the knowledge and academic learning of the illnesses and medications (Munhall, 2012). This is known as a practice of ‘general health knowledge’. The term is mostly implemented for the scientific and medical identification of advanced requirements all of the globe and patients are an integral part of it. Academic field is considered as the first concept of the nursing industry development (Tiwari, et al., 2006). Not only is this process involved with the understanding of the drugs and innovative techniques for improvisations, it also includes other health care aspects such as a complete understanding of prevailing ailments that different populations are suffering from, and precautions of disease prevention.
The term academic field correlates with knowledge and the implications involve being fully acknowledged of the medications that are being produced and methods that are being generated for their consistent evolution and alteration (Waxman, 2010). The role of researchers and pharmacists in this case is to be discussed as these individuals are not just responsible for the dispensing of medication and patient education (Waxman, 2010). Pharmacists can extensively discover, manufacture, and evaluate the entire process and for nursing, these implications will be the most beneficial ones.
The nursing firms in the public sector of nursing feel that they have been facing a lot of competition from foreign firms in the private sector. This is an outcome of restricted research and development expenditures. In order to have a positive prospect, pharmacy schools and institutions focus predominantly on clinical aspects (Waxman, 2010). Professionals of these institutes are also aware of the marketing segments and industrial aspects and nursing firms can derive constructive results for greater economic growth.
In order for the domestic nursing firms to be able to successfully perform in the generic market niche, it is vital for them to bring about an activity assessment framework of detailed nature. The ultimate aim of decreasing the outsourcing scope will support the applications further. Offshoring non-fundamental activities to low cost countries can potentially open new horizons for the local nursing companies to focus on providing advanced services further down the value chain. It will also adjust the objectives and scale of business, forming an alignment between consumer requirements and changing market conditions.
Nursing companies are increasingly concentrating on formulating their brand equity (Wilford, & Doyle, 2011). These actions are driven by the increase of cost-focused local firms and an escalating struggle for the identification of newer, more effective drugs. Therefore, developed nursing firms can invest in brand management with appropriate information derivation methods (Wilford, & Doyle, 2011). This can greatly strengthen their brand equity structures as the idea is one of the most central components of maintaining firm’s long term success. However, the nursing industry comprises different complexities in terms of consumer targeting and brand management due to:
Strong reliance on patents: Provided the patent-based nature of the nursing industry, manufacturers need to handle the issue of innovating ideas. The benefits of putting investments in patent-expiring drugs should be carefully monitored against the risks of the perception of inexpensive generics.
Controlled environment: Regulations gradually divide the market with newer researches and developments outlining specialized therapeutic methods targeted at smaller patient groups. For the same reason, niche products should be evaluated on a case-by-case format for marketing and branding purposes.
Target groups: Besides catering to patients, prescription drugs include a categorized group of stakeholders such as healthcare manufacturers, professionals and insurers. These stakeholders impact and even formulate strategies on behalf of patient population. A detailed academic profiling should focus on the overall stakeholder landscape to attain an ideal result.
Academic implications can be carried out with additional research and development activities that will cause production and dissemination of new products. Patenting these products in export markets might become a consistent revenue source for nursing companies in nursing. In compliance with the legal framework, nursing companies in nursing should create their own formulas which can be authenticated with international nursing firms. This strategy can initiate production of local drugs on a nationwide level along with an opportunity to discuss the transfer of technology from these firms impartially (Iwasiw, et al., 2014). It will also provide an increment in the foreign direct investment due to the lucrative opportunities afforded to the foreign firms by local investors.
The Nursing firms can invest substantially in research and development training needed to bring about positive innovations. Several pharmacology and pharmaceutics fellowship programs can be directed for the cause of categorizing industrial preferences. The training of pharmacy staff can be guided by a curriculum design so the industry-institute affiliation can establish research and development resources (Jung, et al., 2010). Identification of specialties and interests in this technique plays a crucial role as the promotion of student involvement relies on their choice of subject and market niche (Munhall, 2012). Understanding of the comprehensiveness of the practical and theoretical information, experiential preparation, insight of working with nursing industries using skills and information can be integral components of the program. Academically, this application can have a strong, long term influence on the nursing industry.
Implications for Business Field
In order to conceptualize and deal with the potential challenges posed by the international nursing firms’ penetration and inexpensive generics, local nursing players need to build a strategic plan with a multitude of governmental actions to maintain a competitive place (Kern, et al., 2010). For approaching a valued proposition, there should be an establishment of some kind of an institute or committee in which the main function is the economic evaluation of drug innovation and distribution.
In Nursing, the health provisions are regulated in a dominating manner by public health sector providers, essentially the Food Drug Authority (FDA). This hierarchical arrangement plays a crucial role in maintaining healthcare services throughout the region. The Food Drug Authority accounts for approximately 75% of the total spending in the country dedicated to healthcare and yet the nursing market is heavily reliant on imports, specifically for advanced, high-tech original drugs.
The government needs to carry out a pharmacoeconomic analyses for the identification, measurement, and comparison of the outcomes (economic, clinical, and ethical) and costs of different nursing products (Kern, et al., 2010). The process can examine the influence of local drug therapies and medical interventions to increase the use of generics over branded medications. Since most of the medicines can be purchased over the counter, without a physician’s recommendation, consumers can easily select their preferred branded drugs (Munhall, 2012). Domestic firms, in such cases, should take benefit from their understanding and knowledge of the local market as well as of the favorable governing situation (Kern, et al., 2010). Food Drug Authority can also publish additional information about acquiring generics and local products in the form of informative brochures and publications.
In order to gain additional international investments into the nursing industry, government can also engage with multiple multinational companies for the effective communication of their plans (Kern, et al., 2010). The involvement of private sector can be appreciated, relocating the medical care assistance programs from the government to employers and privatized insurance firms. Government can also plan awareness programs for generics so locally produced drugs can maintain their position in the nursing market accordingly.
Local firms can implement different value creation systems for their functional architecture. They can adjust and reevaluate outlook of the entire business as manufacturing alone might not be the fundamental functionality of business for local nursing companies in the future. For instance, firms can outsource production to low cost countries (LCCs), and the in-country management can focus on re-branding and repackaging. Local firms can also make use of their understanding of market segments and requirements to favorably channel the situation. Controlling the value chain segments, outcomes can gain command over the sales, marketing and distribution functions of the industry effectually.
Local firms can also reconfigure the business models they have been following for years. As there is a requirement of turning potential market barriers into opportunities, these nursing firms can actively pursue partnerships that are mutually beneficial (LoBiondo-Wood, et al., 2012). Several nursing firms have command, influence, and knowledge of the local market, as they are familiar with the local market dynamics. They possess strong connections with key stakeholders and have long term association with the governmental authorities (Munhall, 2012). On the contrary, international pharma companies have an upper hand mainly because of their extensive technical vision, innovative R&D strategies, brand equities and scaled economies (LoBiondo-Wood, et al., 2012). By combining the capacities of international firms with the experience prospects of local firms in the form of strategic alliance, in-licensing agreements or joint ventures, a better functioning environment can be formed.
Foreign firms can expand in alignment with the demanding healthcare needs. As nursing being a professional field is a sector of growing population, international manufacturers can expand their domestic impact. However, concepts of mutual understanding and sharing of technology can be developed. These firms can navigate the changing landscape of the industrial structure working with local manufacturers.
In order to facilitate the presences of FDI in nursing industry in Nursing there are some applications and measurements which need to be taken into consideration. A number of factors that can facilitate the process of market access by foreign investors prevail (LoBiondo-Wood, et al., 2012). The most important ones involve registration requirements, price controls, tendering process, and particular elements of commercial law.
Evidently presented, the SFDA has assigned strict regulations and policies on the pricing systems for nursing companies (LoBiondo-Wood, et al., 2012). These control mechanisms are implementable to both private and public sectors as pricing procedures are involved for different types of companies. Using these references systems for pricing, the management determines the manufacturers’ retail prices and wholesale outcomes in the originating country, prices in other international countries, and export prices. The management is said to fix the lowest possible rate for the domestic products and controls. For instance generic drugs are priced at 70% of the original product price. International drug pricing is preferred with reviewed prices every four years. Maintaining a current and updated structure for drug pricing is going to be important enough for FDI development.
Application of GCC regulatory development will cause an optimum FDI growth and consistency since this framework creates a focused process of registration. With the help of this functionality, registration of foreign and domestic nursing new drugs is done rapidly. Innovated drugs that are being produced in the country should undergo laboratory analysis for potential outcomes; these regulatory systems can speed up the production of new drugs causing FDI development and outlining of newer international markets.
Purchasing of products from international nursing companies can be regulated to improve FDI investments and results. The government hospitals can control purchasing of nursing drugs in the region through which domestic generics and additional prescribed medications can be selected. With the use of collective nursing purchasing process through the SGH Tender, drugs can be bought in bulk and domestic companies can take advantage from the cost savings from international brands. It also allows for a consistent export of specialized drugs that are formed domestically that were previously unavailable in international market due to low demand and high prices.
With the help of commercial agency law for international nursing companies, advancement of local products can be applied. International nursing companies can invest in wholesale trade or retail involving dissemination of healthcare products but they should be confined to certain requirements (LoBiondo-Wood, et al., 2012). The applications of Commercial Agency Regulations can divert the profit margin to domestic drugs and generics in an appreciable manner. Healthcare facilities in such cases can be of considerable importance in this regulatory option as well (Munhall, 2012). There has been an important increase in the healthcare services requirement and regional nursing companies can become increasingly sustainable to fulfil requirements among citizens.
Research and development can contribute significantly to facilitate the presences of FDI in nursing industry. Investments in innovative mechanisms and technologies can have functional conclusions.
Program Outcomes and Curriculum Design
Nursing is considered as one of the biggest markets in the international field comprising 65% of the market share in the global regions and member countries of important associations. The market size of drugs is linked with amounts of $1.7 billion (LoBiondo-Wood, et al., 2012). Additionally, approximately 82% of the drugs disseminated across the country are imports from international countries (Munhall, 2012). There is a clear preference present for the branded drugs over generics and local products which have been affecting the economy and FDI developments for the country.
There is a popular belief present among the domestic nursing companies that they have been going through a loss of market share and profit proportions to international drug manufacturing firms in the private sector. Due to the inconsistent functionalities of distribution networks, delays in the projection of innovative products, weaker marketing conditions, overstaffing and limited research and development procedures, international nursing firms have been producing qualitative products with higher sales generation margins (LoBiondo-Wood, et al., 2012). This considerable loss of profit developments has extensively damaged the marketing conditions for several companies that have been involved with the nursing operations.
Export procedures are being taken into consideration since there are multiple firms present who have been equally consistent and qualitative in providing international products without having patents and research approvals from global companies (LoBiondo-Wood, et al., 2012). Since there is a strong application of IPRs in the system, international growth of drug manufacturers and market penetration will continue on a rapid pace; in order to provide competitive strategies in such conditions, there is an immediate need of evolutionary drug manufacturing techniques.
It is valid for firms to stay concerned regarding competitive notions of the market structure since the international nursing companies have been rearranging their acknowledgements over the course of time. However, these concerns are often aggravated and misguided also. The actual issue in their continuous success in the market may simple not be elaborated by the application of IPRs; possibly, it might be an outcome of their unpredictable managerial skills, quality control methods, packaging, and advertising. To become equally proficient and competitive, these companies will have to rely on different revenue sources and profitable techniques. Inefficiencies present in the operation systems will ultimately have an impact on the costs, which in turn will negatively impact any profits formed by innovating low-cost domestic drugs (Munhall, 2012). This provides an even imbalanced structure of affordability and medicinal use to the consumer. Even though the nursing drugs regionally produced may seem inexpensive, their establishment of high quality care or acceptable physical infrastructure.
Moreover, for the purpose of gaining success in the international and domestic markets equally, nursing firms will have to work on the methods through which they derive qualitative mechanisms of products; this will ensure if they are comprehensive and proficient enough to be introduced on international platforms.
If companies of the regional nursing operation can come up with appropriate solutions that they are facing, improving their weaknesses and flaws, then stronger IPRs can have a significant outcome for their projections as well. For example, firms in the public sector can be responsible for the exchange of most of the important equipment, ingredients, and mechanical parts vital to the production support. An effective IPR production and application is going to reduce the costs of these products. As a result, international companies that are innovative and have advanced patents will no longer increase their product prices. This will provide an optimum balance of profit and loss margins for nursing companies.
The overall perception of nursing regulations is to be maintained in order for companies to have equal influences in regional and international markets. The need of foreign investment and presence however is not needed as much in the industry as it will restrict influences on the domestic firms (LoBiondo-Wood, et al., 2012). Firms from Nursing can have a possible distribution of networks in the country and international distribution of generics can be carried out as developmental mechanisms to increase revenues (LoBiondo-Wood, et al., 2012). The generic market is currently responsible for the control mechanisms of a significant market portion and to enhance such outcomes, domestic nursing companies will have to use their raw materials for final consumption in a coordinating manner (Munhall, 2012). IPRs will still have an effectual result on the operational facilities as licensing and pricing regulations in Nursing are negotiated in a fair manner.
Overall, companies can continue producing drugs in the local market, increasing their market share with the help of strategic business developments. This will, in turn, provide an opportunity to accurately balance the technology transfer from these companies. International regulatory structures, which based on the theoretical regulations of free trade and applied to the interactional trade associations, interact in a significant manner with the nursing industry trend. The knowledge gap identified in the introductory chapter is filled with the discussions provided on the local industry expansions with the nursing regulations.
This research provides information on the industry expansion with the involvement of trade mechanisms in an effectual manner as different international companies are investing to expand their horizons and prospects in the region (Munhall, 2012). Free trade regulations with international companies have provided a shortage of market share as local nursing firms are losing their profits and revenues to foreign firms (LoBiondo-Wood, et al., 2012). Government expenditures and restrictions impact the selling and purchasing of the generics below the cost due to the developed socio-economic factors that are related with the procedures.
Governmental free trade policy has also caused an influx of international firms to produce branded products without having to pay additional amounts to the firms that invested in the drug formulation with the help of research and development (Wilford, et al., 2011). The research has also provided enough information on the context of lack of skills and techniques that has contributed to the situation even more.
This discussion brings about a useful understanding of the procedures that are allocated in health care system. Though there are different challenges present in the economic and nursing understandings of the process, there are multiple favorable aspects that may provide useful outcomes to international nursing investors. One of the most important elements is the increasing value of patented drugs and nursing products.
There is a requirement of increased personnel development for the pharmaceutical companies as well as there is less time needed for the manufacture and dissemination of useful medications. Results found that there is an insignificant patient contact time allocated in clinical sectors of different regions due to which health needs are not evaluated properly. Over the counter prescriptions and foreign medications are provided on a regular basis due to similar conditions.
Health care and nursing curriculum are devoid of resource development and advanced technical procedures. There is a strict price control and forced price measurements present for particular patents which overlooks the penetration of generics in the market sectors adequately.
Fluctuating prices influence government’s health care plans and budgets and this is one of the major barriers for pharmaceutical regulatory regime. Governmental organizations are incapable of providing suitable and sufficient amount of skills and monetary resources to bring about important research that is available via writing website advancements in the field.
According to the statistical calculations, the country shares 95% of the market within the countries since a major population portion is willing to pay for the highest quality products. These methods can prove to be effectual for the nursing manufacturers. Research development can also contribute to the process as patented drugs have a higher selling value as compared to the conventional price at the international level. Manufacturers that are seeking to enter markets should be combined with the domestic firms before they are licensed. To form constructive projections and ideas, foreign investors should be capable enough to device their own operations. However, preferential assessments and evaluations should be equally applied on both local and foreign nursing manufacturers since both have significant market presence.
Investment projects are to be continued to further enhance the presence of FDI within the nursing sector in nursing. Joint ventures with the regulatory affirmations of FDA and SAGIA will have optimum perspectives. The need of technological advancements and R&D methods will always be there for the economic rehabilitation and stability of nursing operations. With the help of conditions and procedures discussed in this section, collaborative and inspirational actions can be arranged.