HSM 340 Week 4 Discussion Question 1 – Financial Sources (GRADED A)

Financial Sources (graded) List the major nonhospital & nonphysician sectors of the healthcare industry The Health Care Sector encompasses two main industry groups. The first includes companies who manufacture health care equipment & supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, & owners & operators of health care facilities & organizations. The second regroups companies primarily involved in the research, development, production & marketing of pharmaceuticals & biotechnology products. The Pharmaceutical sector is an industry that develops, produces, & markets drugs or pharmaceuticals licensed for use as medications.Pharmaceutical companies arelowed to deal in generic or brand medications & medical devices. They are subject to a vaiety of laws & regulations regarding the patenting, testing & ensuring safety & efficacy & maketing of drugs. The biotechnology sector is refers to a medicinal or diagnostic product or a vaccine that consists of, or has been produced in, living organisms & may be manufacturedvia recombinant technology recombinant DNA is a form of DNA that does not exist naturally It is created by combining DNA sequences that would not normally occur together. Thistechnology has a tremendous impact on meeting the needs of patients & their families as it ot only encompasses medicines & diagnostics that are manufactured using a biotechnological process, but also gene & cell therapies & tissue engineered products. Today, the majority of innovative medicines, whether manufactured using biotechnology or via a chemical synthesis like a traditional small molecule medicine, as well as many diagnostic products, are made available by applying modern biotechnology in their development & manufacturing processes