Rise of India Drug Industry
- Answer case question accurately (use chapter materials) - 50 points
- Explaining how the Hofstede cultural dimensions influence the decisions taken
(explaining the problem, actions taken and proposed solution) - 50 points
How might (a) U.S. pharmaceutical companies (b) U.S. consumers benefit from the rise of the Indian pharmaceutical industry?
The U.S. pharmaceutical companies have major benefits from India …show more content…
I do not believe that the benefits from trade with the Indian pharmaceutical sector outweigh the losses. There are definitely very clear benefits from trading with the Indian pharmaceutical sector, such as lower prices for U.S. Pharmaceutical companies and consumers, as well as having a larger quantity of drugs, which results in a greater ease of access. While there are very large benefits, the downsides need to be addressed. The biggest problems were that the Indian pharmaceutical drugs were not FDA regulated and were prone to deficiency. Quality and safety are very important to the people of America. Having FDA regulated medicine helps to ensure to consumers that the medicine they are taking is both safe and effective. Importing drugs that are not FDA approved can completely negate the trust that people place in their medicine.
The United States scores low on Grant Hofstede’s Long Term Orientation. In general this means that people living in the United States are prone to sticking to norms and traditions, and are not as acceptive to change. When presented with a change, individuals will be very likely to check on facts, which might cause them to be diswayed by India’s drugs not being FDA approved, and having defect problems. One thing to note is that the United States is about average on Grant Hofstede’s uncertainty avoidance. This means that most individuals are likely to be open and tolerant to new ideas, but if they are forced into this drug