Factors That Affect the UK Pension Crisis

Factors That Affect the UK Pension Crisis Investigating the factors that affect the UK pension crisis Introduction This review examines the background literature regarding the causes of the UK pension crisis[1], and the various measures taken to combat the crisis. In order to understand the nature of the problem, it is first necessary to consider a bit of background on the UK pension system, and UK demographics. There is some debate over which types of pensions – pay as you go (PAYG) or funded schemes – are best. Barr (2006, 2) explains that ‘[i]n a PAYG scheme pensions are paid out of current income. In a fully funded scheme, pensions are paid from a fund built over a period of years from members’ contributions. Virtually all state pension schemes are mainly PAYG; private schemes are generally funded (though not necessarily adequately).’ The UK state system ‘is a complex mix of several components, paid for on a pay-as-you-go basis though a mixture of national insurance contributions and general taxation’ (Hills, 2006, 116). Non-state, voluntary schemes include occupational pensions which may be either defined contribution (DC) or defined benefit (DB) schemes, and private pensions which are usually DC. In recent years the majority of occupational DB schemes in the UK have closed. The demographics of the population have changed significantly over recent years. Barr (2006, 4) argues that ‘[a]verage age at death in the UK (and similarly in other countries) has been rising steadily at least since 1860 Clearly, as more and more people live to pensionable age and, having achieved that, live longer and longer beyond that, the costs of pensions rise and, as a proposition in pure logic, rise disproportionately.’ However, the UK also faces some country-specific pension issues, and these will be the focus of this dissertation. At the root of the problem with PAYG schemes is the ageing population, but there are other factors which affect the supply and demand of funded schemes, and against which policy may be more easily directed. Three of these are drawn out in this dissertation. As such, and for clarity, this literature review is structured around the three themes: public knowledge and understanding of pensions in the UK; the level of private savings in the UK; and the recent decline of DB schemes in the UK. However, it should be noted that these three factors are interrelated, as will be demonstrated in the analysis that follows. Public pension knowledge Pensions are always subject to a problem of imperfect information – when one considers how and how much to save for retirement, the decision is made on an estimate (not a certainty) of life expectancy. However, there are further problems in terms of knowledge and understanding of pensions, particularly in the UK. ‘On the microeconomic side, the advantages of consumer sovereignty are predicated on well-informed consumers, a very strong assumption in the case of pensions. Individuals are imperfectly informed, first, because of uncertainty about the future—individuals are not well-informed because nobody is well-informed. Second, they are imperfectly informed in the face of risk (Barr Diamond, 2006, 20). This second problem is particularly acute in the case of the UK. As the DWP (2006, 12) outlines, ‘[a] long-standing feature of the UK pensions system has been its complexity, which can confuse both employers and individuals trying to make the best financial decisions for the long term.’ Hills (2006, 123) confirms this point, and elaborates on it: ‘The UK pension system is—perhaps understandably—poorly understood, and that understanding has if anything declined in recent years: in 2000, only 53 per cent of the population reported at least a ‘reasonable, basic’ knowledge of pensions, but by 2005 this has fallen to 47 per cent. At the same time, levels of trust in pension providers and financial products are low. Even if people do realize that their pension will be inadequate, this combination makes it very hard for them to make a plan to do something about it.’ In addition to high levels of confusion about the pension system in the U K, there is relatively high freedom for the individual to decide how and how much to save for retirement. Banks et al (2002, 16) explain that ‘[t]he UK pension system allows individuals a great deal of choice over how much they save for their retirement and in which form they save.’ The DWP (2006, 6) claims that it is ‘helping people to make better informed choices about their retirement, introducing a range of pension forecasts to give individuals an understanding of the income they are likely to receive in retirement. Since their introduction, the Government has issued just over 20 million of these forecasts and we are developing web-based retirement planning services.’ These measures may not, however, be sufficient to guide individuals through what remains a complicated system. Considering the government also seeks to place the responsibility for pension decisions firmly with the individual[2], it is likely that more needs to be done to increase public knowledge and understanding of saving for retirement. Blake (2000, 233), for example, does not view such measures as sufficient. ‘The fact that membership of pension schemes at the second pillar remains voluntary is highly worrying for reasons of myopia and moral hazard. Compulsory contributi ons are seen as one way of dealing with individual myopia and the problem of moral hazard. Myopia arises because individuals do not recognise the need to make adequate provision for retirement when they are young, but regret this when they are old, by which time it is too late to do anything about it. Moral hazard arises when individuals deliberately avoid saving for retirement when they are young because they know the state will feel obliged not to let them live in dire poverty in retirement.’ In the next section, the problem of the lack of private savings will be considered in more detail. Lack of private savings Relative to many other countries, there is a lack of private saving in the UK. As the DWP (2006, 11) explains, ‘[r]etirement undersaving has arisen for a variety of reasons: because individuals have not trusted private pensions, because suitable savings vehicles have not been available to them, and because, in the face of a historically complex pensions system, financial short-sightedness and inertia have left inaction as the default option.’ This demonstrates the interrelationship between public knowledge of pensions and retirement income and levels of saving (eithrer through pensions or otherwise). This point is reiterated by Davis (2004, 22) who claims that ‘[s]urveys suggest there is a major underestimation of saving needs for retirement – and most individuals focus on pensions only 10 years ahead of retirement†¦ The saving problem may partly be linked to poor information.’ Clearly a lack of easily accessible and comprehensible information ha s contributed to the low levels of private savings in the UK. However, there are also other reasons. In addition to understanding how the system works, it is necessary that individuals are presented with the right incentives to encourage private saving. Davis (2004, 4)explains that ‘essential background for evaluating private pensions is provided by the structure of social security pensions. As in all countries, the scope for developing funded private pensions in the UK is conditional on the nature of compulsory, pay-as-you-go social security pension provisions. Broadly speaking, the development of social security in the UK has been favourable to private schemes, particularly as a consequence of the rather limited scope of social security on offer and the ability of employees to opt out of earnings-related social security pensions.’ However, in practice, low levels of private saving suggest that such incentives have not been sufficient. In addition, there are various disincentives to save for retirement and, indeed, there are disincentives for financial advisors to provide advice on retirement savings to those with low incomes. This is due to the risk that by the time they retire, their savings will disqualify them from certain means tested benefits to which they would otherwise have been entitled. Davis (2004, 10) argues that in the UK ‘[a] systemic incentive problem is that income support has a non-pension income test, such that benefits are withdrawn when incomes accrue, which discourages saving by low-income workers, and may also discourage membership of pension schemes.’ In a similar vein, the Economist (2005) argues that ‘[m]uch of the blame lies with the pension credit, one of Labours pet policies, which is damaging the incentive to save. By 2025, almost two-thirds of pensioners will be eligible for this means-tested payment, which tops up the meagre basic state pension. Since it is withdrawn at a rate of 40%, they will thus in effect be liable to the top rate of income tax on their savings income.’ In order to combat the low levels of saving in the UK, the government has developed various initiatives to promote and encourage saving. According to the DWP (2006, 15), they are going to ‘[i]ntroduce low-cost personal accounts to give those without access to occupational pension schemes the opportunity to save. People will be automatically enrolled into either their employer’s scheme or a new personal account, with the freedom to opt out. Employers will make minimum matching contributions.’ By creating a scheme into which people are automatically enrolled unless they opt out, this is likely to impact on private savings since, as Hills (2006, 123) explains, ‘[s]avings behaviour does not follow the optimizing pattern predicted by some economic models. Instead people procrastinate about difficult financial decisions and display considerable inertia. Interestingly, it appears that membership of otherwise identical pension schemes in terms of incentives such as employer contributions is much higher when people are automatically enrolled into them, with the right to opt out, than when they have to make a conscious decision to opt in.’ The closure of defined benefit schemes Traditionally, the UK has had a high level of private pensions as the state pension was meager and most employers offered DB occupational pensions. In recent years, however, most DB schemes (at least for private sector employees) have been closed to new entrants. This can be seen as a result of two key factors: increasing longevity and, more recently, the poor performance of the stock market. According to the DWP (2006, 10), ‘[s]ince the 1970s, employers have been retreating from occupational pensions as rapid increases in life expectancy and then the end of the high equity market in the late 1990s pushed costs higher than had been anticipated when occupational pension schemes were designed. This trend has continued, with 2 million fewer members of open private sector occupational pension schemes in 2004 than in 2000.’ The relatively poor performance of the equity market has certainly had a major impact on the nature of occupational pensions since funded pension schemes in the UK have traditional relied very heavily on investment in the stock market. The Economist (2002), for example, claims that ‘Britains pension funds have punted heavily on equities for many years. That strategy has paid off handsomely, but it does expose them to greater risk in the short term than more cautious strategies which put more money into less volatile bonds. The bear stockmarket of the past two years has hit pension funds hard and brought home to companies the investment risk that they are shouldering. At the same time they have become more aware of the risk of rising life expectancy at older ages, which increases the cost of a defined-benefit promise.’ These two issues combined have led to the closure of many schemes, and by the end of 2002, many schemes were running with large deficits (Davis, 2004, 12). The closure of so many DB schemes is deemed to be a contributing factor to the pensions crisis for two main reasons. The first is that the alternative – usually an occupational DC schemes – is considered more risky for individuals. The second is that there is generally a lower take up of DC pensions as compared with DB schemes. Thus, in effect, the switch to DC schemes is discouraging saving. Each of these two reasons will now be examined in turn. As Barr (2006, 2) explains, ‘[i]n a DB scheme, often run at the firm or industry level, the pension a person receives depends on his or her wage history and on length of service. One feature of this arrangement is that the risk of differential pension portfolio performance falls on the employer, and hence is shared more broadly than with DC arrangements. Second, the pension a worker gets is not fully actuarially related to his or her previous contributions.’ However, it can be deomnstrated that DC schemes actually tend to be more beneficial for employees who change employers several times over the course of their career (since such employees are effectively punished for each switch of employer in the DB system). Since most individuals these days do change employer at least a few times, this provides a strong argument for the case that a DC pension can be at least as good as a DB pension. Turning to the second reason, there is indeed evidence to suggest that individuals take up DC pensions at a lower rate than DB pensions. According to the Economist (2005), ‘[w]hen companies close their DB schemes, they typically offer a defined-contribution plan, in which employees build up their own pot of pension money. However, contribution rates into these DC plans tend to be much lower. According to the GAD [Government Actuary’s Department] survey, the total contribution rate from employers and employees into DC schemes is 8.9% of earnings compared with 18.8% into the private DB schemes.â⠂¬â„¢ This problem again relates back to the problem of lack of public knowledge and understanding of pensions. If DC pensions can be shown to be at least as good as DB pensions for the majority of employees, and yet the take up rate is lower, there must be a problem of information or incentives. In order to combat the so-called ‘problem’ of the closure of DB schemes, therefore, it may be more important to improve information about, and incentives to take out, DC pensions, rather than to try to resurrect the system of DB pensions. In the words of the Economist (2002), ‘[t]he way forward is not to lament the demise of final-salary schemes but to make DC plans work.’ Conclusion At the heart of the UK pensions crisis are two issues which work together to cause a crisis. With an ageing population, the dependency ratio increases to the extent that it is not possible to rely on PAYG schemes. At the same time, the level of savings within the UK is too low for the retired population to be able to rely on funded pensions. The low level of savings can be seen as caused by a number of factors, including a lack of clarity and information on pension requirements and choices, a lack of trust in the financial services sector and the information it provides, as well as certain disincentives which discourage individuals, particularly in the low income sector, from saving. The closure of DB schemes has interacted with the poor information and lack of trust to discourage certain people (who would previously have enrolled in a DB scheme) from enrolling in the DC alternative. All of these problems are interrelated and it is the combination of them that can be seen as causing the UK pension crisis. In the words of Davis (2004, 22), ‘the savings gap is aggravated by †¦ the deficits and closure of defined benefit funds, loss of confidence in personal pensions and also in life insurance generally following mis-selling of personal pensions.’ As such, it is a combination of policies that is required to tackle these problems. Bibliography Banks, J., Blundell, R., Disney, R., Emmerson, C. (2002). Retirement, Pensions and the Adequacy of Saving: A Guide to the Debate. London: Institute for Fiscal Studies. Barr, M., Diamond, P. (2006). The Economics of Pensions. Oxford Review of Economic Policy , 22 (1), 15-39. Barr, N. (2006). Pensionse: Overview of the Issues. Oxfor Review of Economic Policy , 22 (1), 1-14. Blake, D. (2000). Two decades of pension reform in the UK: What are the implications for occupational pension schemes? Employee Relations , 22 (3), 223-245. Davis, E. P. (2004). Is there a Pension Crisis in the UK? London: The Pensions Institute, Cass Business School. DWP. (2006). Security in retirement: towards a new pensions system Executive Summary. London: Department for Work and Pensions. Economist. (2002, February 22). End of the party: How bad for employees is the decline in final-salary pensions? The Economist . Economist. (2005, June 23). Pension reform: The shape of things to come. The Economist . Hills, J. (2006). A New Pension Settlement for the Twenty-First Century? The UK Pensions Commissions Analysis and Proposals. Oxford Review of Economic Policy , 22 (1), 114-133. Mullan, P. (2002). The Imaginary Time Bomb: Why an Ageing Population is not a Social Problem. London: I B Tauris. Footnotes [1] While discussion of the UK ‘pension crisis’ is very common, it is worth bearing in mind that the current situation is not unanimously viewed as a crisis. Barr (2006), for example, argues that a problem exists but not a crisis. Mullan (2002) does not even consider it to be a problem. [2] â€Å"We need to be clear that individuals must be responsible for their own plans for retirement. The reforms will ensure the provision of high-quality savings vehicles, and a solid state foundation to private savings. But the choice of how much to save, the level of risk to take with investments, and how long to work must be available to the individual. That provides the right balance of choice and support for individual responsibility.† (DWP, 2006, 22)

performance enhancing drugs in sports Essay -- essays research papers

Performance Enhancing Drugs: Introduction The Tour de France is considered the world’s most competitive bicycle race. Each summer top cycling teams from around the world compete in the three-week event, which sends riders on a grueling, multi-stage course through the mountainous countryside of Ireland, France, and Belgium. In 1998, the image of Tour de France cyclists as athletes at the peak of their natural abilities was tarnished by allegations of widespread performanceenhancing drug use among competitors. The â€Å"doping† scandal broke a few days prior to the start of the race when a masseuse for France’s Festina team, Willy Voet, was arrested after police found large quantities of anabolic steroids and erythropoietin, or EPO, in his car as he crossed from Belgium into France. A subsequent police investigation uncovered a wellorganized system, orchestrated by the team’s management and doctor, for supplying riders with illicit performance-enhancing drugs. The Festina team was suspended from the Tour, and further investigations by French police led to the suspension and withdrawal of several more teams. Riders went on strike to protest the investigations, and less than half of the original competitors finished the race. French authorities are not alone in punishing athletes who use performance-enhancing drugs. From the International Olympic Committee (IOC) to the National Basketball Association (NBA) to the National Collegiate Athletics Association (NCAA), most high-profile sports organizations have taken substantial steps to crack down on doping. Stronger anti-doping initiatives are considered necessary to preclude scandals that damage the image of sports and to silence critics who contend that not enough is being done to rid sports of drugs. The IOC, for example, which enforces the rules of the Olympic Games, set up the World Anti-Doping Agency (WADA) in 1999 as an independent body charged with coordinating a consistent system for testing Olympic athletes. WADA works with international sports federations and Olympic committees and has begun conducting unannounced, out-of-competition tests on Olympic hopefuls. This practice reduces the chance that competitors will rid their systems of drugs before being tested. The list of banned substances on the Olympic Movement’s Anti-Doping Code includes stimulants, narcotics, anabolic steroids, beta blockers, diuretic... ...es Goldberg, â€Å"As the stakes became higher, so did the number of athletes who sought performance-enhancing drugs, spurred on by the lure of big contracts and lucrative endorsements.† Keeping drugs out of athletic competition has only become more difficult for sports authorities since drug testing was introduced to the Olympic Games in 1968. Changing social norms and technology, which spurred the initial drive to ban drugs in sports, may end up settling the debate. Western societies have shown increasing tolerance for using drugs to enhance performance in areas of life outside of athletics. Drugs such as Viagra, Prozac, and Ritalin are now regularly prescribed to improve sexual, social, and academic performance. It may simply be a matter of time before the â€Å"integrity† of athletics no longer appears threatened by performanceenhancing drugs, particularly if safer drugs are developed. The ethical debate over whether or not athletes should use performance-enhancing drugs is one of the issues discussed in At Issue: Performance-Enhancing Drugs. Other issues include the effectiveness of drug testing, the rise of steroid use among teenage athletes, and the dan gers of dietary supplements. performance enhancing drugs in sports Essay -- essays research papers Performance Enhancing Drugs: Introduction The Tour de France is considered the world’s most competitive bicycle race. Each summer top cycling teams from around the world compete in the three-week event, which sends riders on a grueling, multi-stage course through the mountainous countryside of Ireland, France, and Belgium. In 1998, the image of Tour de France cyclists as athletes at the peak of their natural abilities was tarnished by allegations of widespread performanceenhancing drug use among competitors. The â€Å"doping† scandal broke a few days prior to the start of the race when a masseuse for France’s Festina team, Willy Voet, was arrested after police found large quantities of anabolic steroids and erythropoietin, or EPO, in his car as he crossed from Belgium into France. A subsequent police investigation uncovered a wellorganized system, orchestrated by the team’s management and doctor, for supplying riders with illicit performance-enhancing drugs. The Festina team was suspended from the Tour, and further investigations by French police led to the suspension and withdrawal of several more teams. Riders went on strike to protest the investigations, and less than half of the original competitors finished the race. French authorities are not alone in punishing athletes who use performance-enhancing drugs. From the International Olympic Committee (IOC) to the National Basketball Association (NBA) to the National Collegiate Athletics Association (NCAA), most high-profile sports organizations have taken substantial steps to crack down on doping. Stronger anti-doping initiatives are considered necessary to preclude scandals that damage the image of sports and to silence critics who contend that not enough is being done to rid sports of drugs. The IOC, for example, which enforces the rules of the Olympic Games, set up the World Anti-Doping Agency (WADA) in 1999 as an independent body charged with coordinating a consistent system for testing Olympic athletes. WADA works with international sports federations and Olympic committees and has begun conducting unannounced, out-of-competition tests on Olympic hopefuls. This practice reduces the chance that competitors will rid their systems of drugs before being tested. The list of banned substances on the Olympic Movement’s Anti-Doping Code includes stimulants, narcotics, anabolic steroids, beta blockers, diuretic... ...es Goldberg, â€Å"As the stakes became higher, so did the number of athletes who sought performance-enhancing drugs, spurred on by the lure of big contracts and lucrative endorsements.† Keeping drugs out of athletic competition has only become more difficult for sports authorities since drug testing was introduced to the Olympic Games in 1968. Changing social norms and technology, which spurred the initial drive to ban drugs in sports, may end up settling the debate. Western societies have shown increasing tolerance for using drugs to enhance performance in areas of life outside of athletics. Drugs such as Viagra, Prozac, and Ritalin are now regularly prescribed to improve sexual, social, and academic performance. It may simply be a matter of time before the â€Å"integrity† of athletics no longer appears threatened by performanceenhancing drugs, particularly if safer drugs are developed. The ethical debate over whether or not athletes should use performance-enhancing drugs is one of the issues discussed in At Issue: Performance-Enhancing Drugs. Other issues include the effectiveness of drug testing, the rise of steroid use among teenage athletes, and the dan gers of dietary supplements.

Moving from prescribing medications by brand name to INN

Abstract Drug prescription is not only a routine in medical use functioning, but also plays pivotal role in improving the health status of patients seeking such services. The nature and efficacy of pharmacy services depends on the extent of professionalism, which define the methods and ethical standards with which one carries out such duties.Furthermore, pharmaceutical services vary from one place to another, and often governed by the prevailing state laws. This research paper therefore, presents a detailed discussion of two main aspect of pharmacy. The first section entails the shift in the drug prescription methods, from the initial brand based method to the modern based on the active ingredient making up the medicine. The second section outlines the contribution of a pharmacist in influencing the brand of medicine that can be prescribed in a clinical process. Introduction The efforts aimed at changing the health care provider’s prescribing behaviour to achieve consistency with the ever changing best medical practises is the chief challenge ensuring the safest dispensation and use of medicine. Due the emergence of new data about the use of drugs such as their effectiveness, dosing options, side effects, indications as well as contraindications, the existing pharmaceutical options also keep on evolving (Garcia-Gollarte et.al, 2012). As a result of the new changes in the medical practises, there are resulting gaps between the prescription options based on evidence, and the usual practises in most clinics. For example, other than the common error of under dozing and over dozing, the prescribers may occasionally give particular medicines for wrong conditions. Biological Medicines and Biosimillar medicines The biological medicines are also referred to as biologics, and consist of organic compounds made through biotechnological mechanisms. The biologics appeared for use in the 1980s, and have since then advanced to bring improvements in the treatment of many diseases. Their uses as alternative medicine have revolutionized the treatment of diseases, which has led to the improvement of health status across billions of people in the world. Consequently, this category of drugs has become popular since their introduction, a process whose end has seen the diminishing power of the original biological medicine. There are many manufacturing companies, who have acquired the permission to manufacture similar brands of the original biological medicine, commonly trending the medical market as biosimillar medicines. As a result of the existing complexity in the process of manufacturing the original medicine, the biosimillar medicines do not qualify for the generic class of medicine (Dylst, Vulto & Simoens, 2013). This is mainly due to the fact that this category is not typically identical to the original medicine. There are concerns regarding the authenticity and the effectiveness of the process of differentiating between such biosimillar medicines and the original biological medicines. These concerns are based on the extents of similarities observed when such drugs are used, as compared to the original biological medicines. For example, under same conditions of a particular patient, when a biosimillar is compared with Infliximab, the uses of biosimilars have manifested the same therapeutic efficacy, as well as the incidences of drug related events. In addition to the similar levels of therapeutic efficacy, biosimilars are equally tolerated by the body system, and also comparable in terms of their safety issues. It is the complexity in their manufacturing processes, in tandem with safety concerns that the ongoing monitoring derives its basis (Declerck & Simoens, 2012).Concerns regarding the use of biosimilar drugsThe concerns rose over the issues relating to safety, efficacy and the cost of using the biosimilars have resulted into the urgent need for a change of prescription method from the initial brand name to the use of active ingredients. This is because of the compromise of such brands, in which certain biosimilars do not recognize the copied brands, and thus creating confusion. The key concern that has been raised through the Pharmacovigilance involves the criteria wit which one can use to draw a line between the original biological medicine and the biosimilar medicines. There are a plethora of biosimilar medicines that after manufacturing have been approved by the European Medicines Agency. Such approvals have derived their bases on the abbreviated programs, in which the manufacturing process was purely based on copying the formula of those biological medicines already in the market. Some of these biosimilar medicines in this category exist in the market, despite lack of approval by the regulatory bodies, under the legal regulatory frameworks within Europe. Their lack of approval has therefore led to the ultimate doubt about the validity of such medicines, especially the possibility of adverse reactions occurring as side effects. The cost of purchasing the biosimilar medicines has also raised major concerns in the pharmaceutical industries in the Europe, just like other parts of the world. The relative low cost of acquiring such medicines has led into a perception by many people, that the existence of cheaper alternatives could be derailing the development of the industry. Consequently, there is an increase of pressure to prescribe the cheaper and new alternatives among patients, who may not afford the original biological medicines. Furthermore, such pressures have led to the increased use of such alternatives without any critical attention paid to the criteria of prescription and application of brand names. Transition from the drug brand name to the INN system of drug prescription The recent decades have been epitomised by a major burden of chronic diseases, not only among the European member states, but also across the globe. In order to curb the ever growing menace of such diseases among populations, the concerned authorities such as the World Health Organization, through respective governments have had to act. The chief aim of such action by the WHO, through respective governments have been to facilitate, and enforce laws to ensure that all professional health workers and patients access the safest, high quality, modern and affordable medicine to improve the health status of their people. Biomedical studies over time have identified the biological medicines as one of the most effective categories of medicine that can meet this criterion. However, the main challenge in the provision of such biological medicine has been manifested on the means of identification by both patients and pharmacists during prescription. Surveys have further pointed out that the method of prescription plays a pivotal role in limiting the resulting confusion during the identification of drugs from place, particularly from one country to another within Europe (CDC, 2012). For instance, over the recent decades, the method of prescription has been based on the brand name. There are a number of factors that determine the brand name for a particular medicine, such as the location or trans-border movements within Europe. Such variation have therefore been a core ingredient in breeding the much confusion when prescribing drugs from one place, especially for patients who may be new in such places. A particular brand name for a medicine used at one point may either be unfamiliar, or used for a different medicine in another place (Rotenstein et.al, 2013). Consequently, the need for a more standardised system of naming and prescribing drugs across the globe, including the European member states becomes an indispensible discourse. The European member states, in tandem with the world, have therefore joined the movement from prescribing medications by brand name to the INN International Nonproprietary Name (INN). Currently, there is a legislation process, whose purpose is to prevent doctors from brand prescription, but rather an active ingredient in the medicine, to allow easy determination by the patient. The International Nonproprietary Name (INN) The International Nonproprietary Name is a special term in healthy sciences and medicines, which is given to pharmaceuticals for purposes of easy identification. Having been initiated by the World Health Organization, the INN system of identification began to operate in 1953, for the benefit of not only the health workers such as pharmacists, but also help patients identify their medication with ease. The ease of identification was based on the common aim of the system for the generation of convenient common names for the existing pharmaceutical substances. In this case, each name generated under this system becomes unique for a global recognition of the substance as a public property. Consequently, the INN given to each pharmaceutical can have wide uses for the manufacturers and users, as well as the process of generic prescription in studies regarding drug use (CDC, 2012). The use of the International Nonproprietary Name in the drug prescription process functions to harmonise the communication regarding the medical activities among health professionals, drug consumers and patients. As a result, this system helps to prevent potential occurrence of medication errors. A medication error refers to any resulting misconception in the processes of drug prescription, dispensation, administration as well as monitoring the use of a particular drug. Medication errors are a major cause of most adverse reactions in patients, whose prevention can easily be achieved through accurate use of the relevant drugs. The accuracy can also be achieved through a process of synchronization, in which a single drug can retain a single identification from one place to another. A prescription method, based on the active ingredient as the common component of a particular drug, such as the INN system, has been enforced through a new legislative body referred to as the European Union Pharmacovigilance Legislation. Pharmacovigilance is a process, which consists of scientific activities of detecting, conducting an assessment of the adverse risks, understanding, and the establishment of potential prevention measures for the resulting adverse reactions (CDC, 2012). The European Medicines AgencyResponsibilitiesThe chief responsibility of the European Medicines Agency is to obtain and report the relevant data regarding adverse drug reactions, resulting from medical errors. Such reports are gathered and submitted to the Eudravigilance, a database that stores all the relevant data for medical errors among the European member states. Moreover, the database system is designed in such a way that it does not only receive the relevant information on adverse drug reaction, but also processes, stores and avails upon demand, the stored information after electronic submission.s The database run by the European Medical agency also permits users to conduct a critical analysis of the data herein, and enables one t make accurate conclusions regarding the data collected in determining the prevailing medical trends in different regions of Europe (Declerck, & Simoens, 2012). In the modern system, there are legislative measures, which ensure that the data regarding medicines are stored and undergo general processing, during which drugs should maintain a standard description using the active ingredient, other than the initial brand name. In addition to the data reception, storage, and analysis through the Eudravigilance database, the legislative body also has a role of coordination among the European member states. The coordination role between different medicine regulatory authorities across Europe also involves all the individual Pharmacovigilance centres, as well as the patient safety authorities. The main aim of this role is to ensure that there is mutual flow of relevant information among the member states, so as to enhance communication of the occurrence of adverse drug reactions. The Pharmacovigilance Risk Assessment Committee (PRAC) is also a legislative committee charged with a duty of offering the requisite recommendations for all medicine regulatory frameworks within the EU (Allen & Ansel, 2013). The recommendations made by the Pharmacovigilance Risk Assessment Committee function to enhance further safety issues, resulting from inappropriate use of medicines in various regions across the member states (O’Connor, Gallagher & O’Mahony, 2012). While formulating these recommendations, the committee takes into considerations, including risk management issues, to monitor the extent of effectiveness, with which various mechanisms help to eradicate the occurrence of medication errors and adverse drug reactions. Role of a Pharmacist in Determining a Drug Prescription Pharmacists have the most critical role in determining the type or brand of medication to prescribe. This is because they are the base of the powers for dispensing the drugs for patients, in a normal clinical routine (Gibberson et.al, 2013). When lack of professionalism occurs in the dispensation of medicines for patients, there are higher chances of adverse medical reactions resulting from medical errors. Each year, the occurrence of medical errors, emanating from inappropriate prescription and dispensation of medicines by unprofessional pharmacists has caused harm to at least 1.5 million people. Furthermore, the loss incurred in terms of the cost of treating the injuries caused in hospitals runs at higher levels of at least $3.5 Billion each year. However, these cost estimates do not take into account the additional cost in terms of the extra wages and salaries incurred while causing and correcting such messes (Spinewine, Fialova & Byrne, 2012). Throughout history, pharmacists have played a pivotal role in ensuring an improved patient health through appropriate prescription and dispensing of the right brand of medicine. Through improved disease management techniques and therapy practises, effective spending in healthcare activities, and enhanced adherence leads to improved quality of life (Haga et.al, 2013). In order to influence the brand of medicine to prescribe for a particular patient, the pharmacist should acquire a deeper comprehension of the patients’ medical condition. Most often, the pharmacist relies entirely on the information obtained from the technician, which helps them provide additional base for the patient’s safety (O’Connor, Gallagher & O’Mahony, 2012). In order to obtain the required accuracy, it is important for the technician to observe strict adherence to the system based procedures when obtaining the information regarding a patient’s medical condition. In cases where the technician experiences unusual or any form of abnormalities, it is their responsibility to inform the pharmacist, to enable them prescribe and dispense the right brand of medicine (Allen & Ansel, 2013).The Scope of Practise in PharmacyThe scope of practise for different pharmacists varies from one country to another, depending on the prevailing state laws. The governing board of pharmacy also plays a pivotal role in determining the extent to which professional pharmacists can exercise their powers, and ability to influence the type of prescription. There are sets of regulation in various countries, which permit the pharmacists to exercise their powers as professional within specific areas within the medical care system (Law et.al, 2012). On the other hand, other countries have laws that encourage a broader approach to service delivery within the medical service delivery. The pharmacist may therefore take part in different parts of the medication, ranging from diagnosis, prescription, drug dispensation as well as monitoring. The pharmacist therefore has a wide range of options and opportunities, during which they can influence the prescription of a given medicine (Abood, 2012).Job SatisfactionJob satisfaction is another aspect of enabler, through which pharmacists acquire an opportunity to influence the prescription. In the modern world of health care system, the practise of pharmacy has advanced from the initial practise of dispensing medicine and offering counselling sessions to offering more detailed clinical patient care services. In cases where a pharmacist meets restraining conditions in which they are unable to offer a wider spectrum of services to their patients, they often lack satisfaction from their jobs (A llen & Ansel, 2013).Eradication of fraudulent prescriptionThe main source of medical errors often emanate from fraudulent prescriptions, some of which are out of human intervention, while the rest may be unintentional. In order to take control of the process and make the relevant decision regarding the prescription, pharmacists should understand what constitutes fraudulent practises and work towards eradicating them. Fraudulent prescriptions are caused by legitimate practises, in which patients decide to make alterations to their prescriptions to suit their personal interests (Declerck & Simoens, 2012). In such cases, the patient may show preference for a particular brand of medicine, and insist that they be treated with the same. In other experiences, patients may also alter prescriptions depending on the cost incurred, in which they either opt for cheaper brands, or prefer more expensive brands due to their perception of higher quality and efficacy. A pharmacist may use their influence in such cases to discover the fraud and alter the prescription, and dispense the right medicine depending on the patient’s conditions (Cornes, 2012). In addition to cases of alteration, pharmacists also have the technical and professional skills to discover the validity of prescription pads. One of the most conspicuous methods of identifying the validity of such prescription pads may involve subjecting the contact information to a rigor of scrutiny, to determine if they bear the name of the bearer. Such details may include the surnames, contact phone number as well as the registration number (Campanelli, 2012). Professionally, stealing a prescription pads translates into an automatic medical error and a potential adverse reaction. In situations where the pharmacists discover such anomalies, there are a number of professional measures that can be employed to influence the brand of medication prescribed and dispensed. Pharmacists ensure that they apply strict rules, in which only the state authorised individuals or prescribers can write prescription orders. The state authorized person is defined by the state a trained physician, dentist, veterinarian, podiatrist, as well as other state registered practitioners. For instance, there are states with strict rules in which other health professionals such as physician assistants and nurses to participate in conducting prescriptions under supervision or instruction by the pharmacist in charge. Similarly, other states also permit a sense of autonomy for the mid-level practitioners (Law, et.al, 2012). The pharmacist therefore has a duty to understand the prevailing laws regarding the state provisions on drug prescription, before determining one. This helps them avoid cases of assumption, in which they perceive that every prescription given for the controlled substances is inappropriate. A pharmacist who obtains a prescription whose validity attracts signs of doubt or appears invalid in any way, it is professional to undertake affirmative steps aimed at establishing the authenticity of the prescription holder (Cornes, 2012). In cases where the pharmacists have doubts about the contact information, they may have to use the prescriber’s contact office, other than the patients contact information. A telephone call to the office creates an additional time in the prescription process, during the concerned parties may address the gaps in the existing prescription. This way, the pharmacist not only gets a chance to influence the types of medication prescribed, but also adheres to t he legal requirements, including state laws regarding the use of drugs. References Abood, R. R. (2012). Pharmacy practice and the law. Jones & Bartlett Publishers. Allen, L. V., & Ansel, H. C. (2013). Pharmaceutical dosage forms and drug delivery systems. Lippincott Williams & Wilkins. Campanelli, C. M. (2012). American Geriatrics Society Updated Beers Criteria for Potentially Inappropriate Medication Use in Older Adults: The American Geriatrics Society 2012 Beers Criteria Update Expert Panel. Journal of the American Geriatrics Society, 60(4), 616. Centers for Disease Control and Prevention (CDC. (2012). CDC grand rounds: prescription drug overdoses-a US epidemic. MMWR. Morbidity and mortality weekly report, 61(1), 10. Cornes, P. (2012). The economic pressures for biosimilar drug use in cancer medicine. Targeted oncology, 7(1), 57-67. Declerck, P. J., & Simoens, S. A. (2012). European perspective on the market accessibility of biosimilars. Biosimilars, 2, 33-40. Dylst, P., Vulto, A., & Simoens, S. (2013). Demand-side policies to encourage the use of generic medicines: an overview. Expert review of pharmacoeconomics & outcomes research, 13(1), 59-72. Garcia-Gollarte, F., Baleriola-Julvez, J., Ferrero-Lopez, I., & Cruz-Jentoft, A. J. (2012). Inappropriate drug prescription at nursing home admission. Journal of the American Medical Directors Association, 13(1), 83-e9. Gibberson, R. A. D. M., Yoder, C. D. R., & Lee, C. D. R. (2012). Improving Patient and Health System Outcomes through Advanced Pharmacy Practice. A Report to the US Surgeon General. University of the Incarnate Word Pharmacy Review, 1(2). Haga, S. B., Burke, W., Ginsburg, G. S., Mills, R., & Agans, R. (2012). Primary care physicians’ knowledge of and experience with pharmacogenetic testing. Clinical genetics, 82(4), 388-394. Law, M. R., Ma, T., Fisher, J., & Sketris, I. S. (2012). Independent pharmacist prescribing in Canada O’Connor, M. N., Gallagher, P., & O’Mahony, D. (2012). Inappropriate Prescribing. Drugs & aging, 29(6), 437-452. Rolland, Y., Andrieu, S., Crochard, A., Goni, S., Hein, C., & Vellas, B. (2012). Psychotropic drug consumption at admission and discharge of nursing home residents. Journal of the American Medical Directors Association, 13(4), 407-e7. Rotenstein, L. S., Ran, N., Shivers, J. P., Yarchoan, M., & Close, K. L. (2012). Opportunities and Challenges for Biosimilars: What’s on the Horizon in the Global Insulin Market?. Clinical Diabetes, 30(4), 138-150. Spinewine, A., Fialova, D., & Byrne, S. (2012). The role of the pharmacist in optimizing pharmacotherapy in older people. Drugs & aging, 29(6), 495-510.

Testing Odysseus in the Epic Poem - 681 Words

Although out the epic poem The Odyssey the greek gods constantly challenged and tested a war hero named Odysseus; who is trying to get home to his wife and child. The gods are angry at Odysseus for taking all the credit for winning the Trojan war, now they want him to suffer. Odysseus is determined to get home no matter the challenge or obstacle. The Gods also test his will to go home, his faith, and his strengths. Odysseus’s will to go home is diminished by distracting beautiful women. During his journey he comes across many beautiful women. Odysseus spends years with a nymph named Calypso only leaving the comfort of the island because Hermes tells that Calypso must let Odysseus go home. â€Å"Son of Laerte; versatile Odysseus after these years with me you still desire your old home?† (lines 101-104) Odysseus said yes, even with her beauty Odysseus’s mind was still set on getting home to his family. Even though his mind was set to go home his some of his men’s weren’t; some ate lotus flowers and lost all desire to go home. Once Odysseus got home he was not discouraged by Penelopes doubt that an old beggar is Odysseus. He let Penelope test him. â€Å"Peace; let your mother test me at her leisure before long she will see and know me best.†(lines 1331-1332) Odysseus is not just going to give up at the end of his journey. Odysseus is confident that he will pass any test Penelope throws his way. No matter the challenge or distraction Odysseus’s will to go home is strong and eventuallyShow MoreRelatedThe Suitors In The Odyssey974 Words   |  4 Pagesspeak, and act. In Homer’s, The Odyssey, the mortal queen Penelope, is distracting the suitors while waiting for her long, lost husband, Odysseus, to come home from the Trojan War and twenty years at sea. Penelope worked to outsmart the powerful, self-entitled suitors, and proved that women could be just as, if not more, cunning than a man. Throughout the poem, there has been a common theme of Penelope’s emotions being disregarded by the suitors. As the story goes on, the reader can see Penelope’sRead MoreOedipus through Journey of the Hero891 Words   |  4 Pagesancient Greek epic poem written by Homer. It is about the journey of Odysseus home after the war in Troy. It takes Odysseus ten years to return to Ithaca, and in his absence, the people of Ithaca assumes that Odysseus is dead. The role of women in Odysseus voyage is also very important. It is because of the women that the whole story turned out the way it really did, and without them, the story would not be complete.The reason the Trojan war began was because of the goddess Helen. Odysseus needed toRead MoreOdysseus As A Hero Essay1813 Words   |  8 PagesAn epic is defined as a long narrative poem describing the noble and courageous deeds of a hero. Similarly, a hero is denoted as an individual who can be seen as a role model, maintaining qualities and characteristics worth looking up to and hoping to achieve. Odysseus, being the main character of Homer’s epic The Odyssey, is given the title of a hero by these definitions. He is the center of attention throughout the poem and the people of Ithaka speak of him as if he has god-like qualities. Read MoreAnalysis Of Homer s Odyssey 1710 Words   |  7 PagesClassics 28 Professor Griffith 4 March 2016 Odysseus’ Divide Homer’s Odyssey provides a detailed account of the Greek hero Odysseus’ return home after the end of the Trojan War and the many obstacles and adventures he encounters along his journey. Depicting a non-traditional heroic character, this epic poem gives an insight into the intricate relationships between mortals and gods, commenting as well on societal norms and expectations in ancient Greece. Odysseus, though not developing as a character inRead MoreThe Effects Of Cultural And Religious Diversity On The World1701 Words   |  7 Pagesexample of relationships between the human and the Divinity. Investigation of the Ancient Greek religion and the religion of the Hebrews provides evidence about the different and similar patterns in human-Divinity interrelationships, as exemplified by Odysseus and Athena as well as Job and God. The research of two ancient texts, Odyssey and Bible, show that the power and influence of the Hebrews’ God is more significant than the p ower and influence of any particular god in the Ancient Greek Olympus, whichRead MoreAnalysis Of The Odyssey 1311 Words   |  6 Pagesquote he captures the very essence of heroism. Homer’s epic poem â€Å"The Odyssey† follows one man, Odysseus on his hero’s journaey home from the Trojan War. There is no question as to whether or not his quest follows the steps of the hero’s journey monomyth. The hero’s journey monomyth is the universal link in all tales of adventure. It contends that every hero follows a three-stage journey consisting of a departure, fulfillment, and return. Odysseus’ story fits perfectly into these three stages. He departsRead MoreWomen Of The Odyssey And Lysistrata Essay1328 Words   |  6 Pageswoman. Their role is very critical in the ongoing adventure in this epic poem. Homer represents women as strong roles and real life characters such as them being strong, tough, and diligent. In the story there are three major t ypes of women, which are the goddess, the good hostess/wife, and seducers. With each one of these female characters they are a vital importance and add a different type of factor to the story. As Odysseus returns home to his wife Penelope and his son Telemachus from fightingRead MoreThe Odyssey : Positive And Negative Roles2124 Words   |  9 Pagesplay a substantial role in the epic poem; in the story women play both positive and negative roles, sometimes a little of both, some the women in the book also play a role of seductresses. Since the epic poem is mainly about Odysseus’s ten year journey home to Ithaca and his wife and the obstacles he encounters and has to overcome on the way many of those involving women, women that are positive in the Odyssey are Penelope, Athena, Nausicaa and Helen who help Odysseus during his journey, and TelemachusRead MoreAnalysis Of Am I A Good Man 1641 Words   |  7 PagesFagles, the main character— Odysseus— does lack this trait. After voyaging home from war as a hero, he and his crew face countless trials, and ultimately, after 4 years, all of the crew except Odysseus dies. Odysseus is then captured and forced to remain on an island for another 8 years with a nymph named Calypso. Finally, after the gods save him, he makes his way home to discover that his house has been overrun by suitors trying to court his wife. After careful strategy, testing, and reuniting with hisRead MoreOdysseus, An Unconventional Hero Depicted in The Odyssey Essay1935 Words   |  8 Pagesmythology, a hero is one who values glory above life itself and honorably dies in the battle during his prime period of his life. After the gods and demi-god of Greece, heroes probably are the most admirable figures in society. However, Odysseus seems to defy the conventional definition of a hero. He is overwhelmed with tremendous obstacles and difficulty, often beyond that a normal man could endure but he determines to stay alive rather than die young. Achilles states in Book 11