Final answer:
The claim that all pharmaceutical makers are members of Medicines Australia is false; membership is voluntary, and Medicines Australia's code of conduct is not mandatory for all. Winners of strict FDA regulations are consumers protected from unsafe drugs, but the losers include small pharmaceutical companies and critically ill patients who may not have access to new drugs due to regulatory delays.
Step-by-step explanation:
In addressing the statement that all makers of pharmaceutical products belong to Medicines Australia and follow their Industry code of conduct, this is False. Not all manufacturers are members of Medicines Australia, and while the organization provides a voluntary industry code of conduct for its members, adherence is not legally mandated for all pharmaceutical makers. Moreover, the pharmaceutical industry has its share of winners and losers due to strict medical regulations. The discussion around the Food and Drug Administration (FDA) illuminates how these regulations can impact various stakeholders.
Winners in this stringent regulatory system include consumers who are shielded from potentially harmful medications. However, there are also 'hidden' losers. These can include smaller pharmaceutical companies that may struggle with the financial and temporal requirements of extended drug trials or patients with critical conditions who may miss out on potentially life-saving drugs that are delayed in reaching the market due to lengthy approval processes.
Historical examples of the consequences of lax regulation include instances where companies like Vitarine Pharmaceuticals and Bolar Pharmaceutical Company were discovered to have falsified data for FDA approval, leading to drug suspensions and recalls. These actions have serious ramifications for market integrity and patient safety and exemplify the necessity for robust oversight, despite the potential drawbacks.