The healthcare industry is undeniably one of the most important sectors of the economy. Tasked with the responsibility of ensuring good health among the general public, the healthcare system has a vital role in ensuring the well-being of society.
One aspect of the healthcare system is that of compounding pharmacies. These pharmacies produce medications on a customized basis for hospitals that is based on their unique needs rather than mass producing it the way commercial pharmaceutical companies do.
Regarding governmental oversight of compounding pharmacies, there was a time when industry regulations were greatly lacking, compared to what exists today. While there were a few regulations, they were mostly managed by local health boards, as opposed a centralized organization such as the FDA.
It was not until the occurrences of serious contamination issues in the marketplace that the government decided to change the way the system was run. Contaminated medications that were being produced at compounding pharmacies led to the deaths of several people, and many more being adversely affected.
In response, the government decided to overhaul the system with regard to the way it functioned. The oversight and regulation of compounding pharmacies were transferred from the local health boards to …