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182 Just Promoted!

years have forced the majority of pharmaceutical companies to abandon vac-
cine manufacturing. Recent changes in legislation to protect manufacturers
from such suits may encourage more manufacturers to produce these vaccines.
The change in government regulations for approving the marketing of new
drugs has, among other things, permitted drug companies to use foreign med-
ical data to prove that their drugs work. As a result, many companies are con-
ducting more research outside of the United States, and, in fact, many
companies are requiring that research be conducted abroad so data can be
included with U.S. data. A change in government regulations, then, has led to
changes (and possibly opportunities) in how business is conducted outside
and inside the United States. In addition to your work and that of an assigned
task force, internal audits and regulatory inspection reports provide a wealth
of data about your organization’s compliance with laws and regulations.
Local, state, or federal regulations can create tremendous burdens that
make a business’s survival more difficult. For example, many states have reg-
ulated pricing for insurance and transportation. Environmental regulations,
while necessary and well intended, increase the complexity of doing business
and may close down some natural resources firms. The smart and effective
companies not only deal successfully with today’s reality but invest heavily to
predict trends and patterns. This is certainly true in response to concerns
about climate change. Increasing numbers of grants and tax incentives as well
as venture capital companies are spurring the formation of “green” companies
and investments in alternative fuels to reduce the country’s reliance on fossil
fuels. The same can be said about research and manufacturing incentives for
hybrid and electric cars. The incentives are creating new opportunities for
major auto manufacturers following their near demise resulting from the eco-
nomic crises and recession that began in 2008. They adjust today and plan for
the future. They are more fluid than stagnant and more flexible than rigid in
their ability to adapt to changes around them.
Community standards can also affect a business. Concerns about safety
have affected the tobacco, liquor, food, and auto industries. Concerns about
student achievement affect the organization and management of schools.
Review economic and social conditions as well. The population is getting
older. The first of the baby boomers turned 60 in 2006, and millions across
the globe have followed. People are more aware of health and fitness. The pop-
ulation is more highly educated. Diagnose the economic and demographic
trends that will affect your new business or function. What will increasing