Falling under the healthcare sector, the pharmaceutical industry deals with the research, development, production, and marketing of medications. Drug manufacturers and marketers, as well as biotech companies, exist within this industry.
The main goal of the pharmaceutical industry is to work for the public health. The industry provides medications that prevent disease, maintain health, and cure illness and disease. The two means by which pharmaceutical companies get their products into patients’ hands is by prescription and over-the-counter medicines. The USFDA keeps tight regulations on both channels.
Over the last decade, the industry has made great strides. Thanks to improved technologies and a research-based approach, medications have been and are continuing to be developed that will be more effective at treatment and healing for patients suffering a variety of diseases.
Globally, the pharmaceutical industry is huge. The IQVIA Institute for Human Data Science expects that the sector will generate $1.5 trillion by the year 2023.