Question

There is a segment of the US population that strongly believes that the federal government should "stay out of the way of business" and essentially let the marketplace evolve via its own "pure market" dynamics. This perspective views government as essentially the enemy of commerce. Other people strongly believe that government can play a facilitative role in supporting business and industry development. Using an industry of your choice, articulate your own position in regard to the role that government should play in facilitating industry development.

Answer 1

Pharmaceutical Industry:

The industry deals in the manufacturing and distribution of medicines and medical drugs.

The industry is engaged in discovering ,developing, producing, and marketing of drugs that are to be used as medications prescribed by a doctor for the prevention or cure of various diseases or ailments.
The role of government in this sector therefore should not be negligent. If there will be no govt intervention in this industry , it will result in high prices , unaffordable for low income people, exploitation in the form of low quality products , no serious inspection, of medicines resulting in duplicate marketing of products, inefficient drugs, adulteration, and other such unfair practices that will create risk to the lives and health of people hampering the brand image of various organisations, lowering the brand equity, affecting the customer loyalty and recognition , creating doubts in minds of people thus resulting in bad impact in the development of industry overall in the long run.

Thus talking about this sector in specific the US Government plays an important role according to my perspective. Because government acts as a driving force for the manufacturers in this industry to conduct activities in favour of health and safety of people and restricts the activities of pharmaceutical sector to protect public safety.
The government in US will encourage and incorporate the development of safe and effective drugs and ensures only those products are available in market that are marked with safety standards ...Pharmaceutical companies as per me should be regulated enough in the modern era where each organization is focused on profitability and personal gains , so as to ensure its activities are in compliance with the safety laws.

The another most important role that US govt can play in development of pharmaceutical industry is that it can invest in R&D for supporting and speeding development of new innovative drugs and vaccines that can cure dreadful diseases .
The govt can fund projects to find cure for various diseases for which cure has not yet been found
The govt can also formulate Technology Up gradation Schemes to assist , support and upgrade the pharma industry in terms of methods used in production, the chemicals used.

Govt can and should support experiments that contain risks of failure and hence cannot be afforded by the private firms.
Further govt can facilitate infrastructure necessary to conduct these experiments.

The resources required by pharmaceutical organizations in US might be required to import from other countries which might involve lots of procedure and regulations , govt thus should provide schemes or subsidies to arrange these resources with lower tariffs or custom duties etc.

Government should also ensure license to small enterprises and provide incentives on land, and loan facilities to them in order to operate on small scales and distribute medicines to wide population .

All these factors will ensure a considerable development of the industry along with social welfare

Dear student personal perspective has been provided as one's position was to be described... Hope i explained well ..

Thankyou , sorry for any spelling mistakes , and good luck