A Multi-Objective Approach Optimizing Pharmacy Industry Decisions through MOORA Method

Abstract

The pharmacy industry, a crucial pillar of the healthcare sector, encompasses the discovery, development, production, distribution, and sale of pharmaceutical drugs and medications. With an intricate interplay of scientific innovation, medical expertise, and commercial activities, this industry plays an indispensable role in safeguarding and improving human health. From the inception of groundbreaking drugs to their widespread distribution, the pharmacy industry integrates various stakeholders, including pharmaceutical companies, researchers, healthcare professionals, regulators, and consumers. It strives to address a wide spectrum of health conditions, from acute ailments to chronic diseases, by developing innovative treatments, generic medicines, and over-the-counter drugs. The pharmacy industry's evolution has been marked by technological advancements, research breakthroughs, and regulatory frameworks to ensure drug safety and efficacy. As the global population continues to grow and age, the industry faces the challenges of maintaining affordability, accessibility, and quality of medications. Furthermore, the pharmacy industry is a catalyst for economic growth, creating jobs, fostering research collaborations, and contributing to national and international healthcare systems. Its multifaceted nature, ranging from drug research to patient care, underscores its significance in the broader landscape of healthcare and public well-being. Research within the pharmacy industry holds immense significance due to its pivotal role in advancing medical knowledge and improving patient outcomes. Pharmaceutical research drives the development of new medications, innovative therapies, and treatment protocols, enhancing the efficacy and safety of drugs. It also uncovers insights into disease mechanisms, fostering a deeper understanding of health conditions. Furthermore, research guides regulatory decisions, ensuring drugs' quality, and promotes evidence-based medical practices. Through ongoing investigation, the pharmacy industry continually evolves, addressing emerging health challenges, optimizing drug utilization, and ultimately contributing to the overall enhancement of global healthcare standards. MOORA (Multi-Objective Optimization by Ratio Analysis) is a decision-making method used to evaluate and prioritize alternatives based on multiple conflicting criteria. It involves comparing alternatives' performance ratios against reference alternatives, considering both benefits and drawbacks. By assigning weights to criteria, MOORA quantifies their importance and ranks alternatives accordingly. This technique assists in complex decision scenarios where various factors must be balanced. MOORA's systematic approach aids in reaching well-informed decisions by quantifying trade-offs and providing a structured framework for considering multiple objectives simultaneously. Product Innovation, Market Share (%), Research Investment ($ billion), Patient Satisfaction, Drug Efficacy (%), Global Reach (countries). Pfizer, Johnson & Johnson, Roche, Novartis, GlaxoSmithKline, CVS Health, Walgreens Boots Alliance, Rite Aid.From the result it is seen that Novartisis got the first rank where as is the Rite Aidis having the lowest rank.