This industry type deals in drugs, starting from drugs manufacturing to marketing. Innovation also comes under Pharmaceutical industries when it’s about research and development of medicines. This industry has been created specifically to develop drugs as it needs specific license and certification. All pharmaceutical companies need authorization as they may use certain chemicals which are not allowed to be used. Another important fact about pharmaceutical industry is that it started properly in late 90s. In the beginning of 19th century medicines were developed regularly however on need basis. Pharmaceutical industry evolved with increasing diseases. Lot of big brands got involved in developing medicines.R & D – Pharmaceutical industry
Historically the research and development in medicines is a matter of money and specialists. This means that research in medicine could be done in developing economies. Western countries especially United States of America and United Kingdom have been doing the research in drug development. This is the reason these countries have medicines and treatments available for almost all chronic and incurable diseases. Post 19th century developed economies are stressing on there health ministry’s to develop treatments and medicine of all possible disease. They are also spending a reasonable amount on innovation and experiment to improve health in their respective countries.
Pharmaceutical Companies & their Work
Pharmaceutical companies are mostly established in the developing economies where large money could be invested in drug development. Some of the drug companies work to develop medicines where they would invest and develop the drug. In this case their own investment and manpower. Where in some would collaborate with research institutions to develop medicines. In this case the company would invest on the human resources and expertise of the research institute. In case of innovation best medicine would be developed by the means of latest technologies. Here approach is to develop the most result oriented and hi tech drug to cure the disease as soon as possible.
Big Brands & Big Developments
Pharmaceutical industries have big brands working for them. These big brands are popular of their great inventions which help to have healthy life. However it has become commercialized now. These days the pharmaceutical companies are only targeting to get more profits. One medicine that is available at a cheaper price is available at a higher price under big brands. Unnecessary imitations have been created which are of no good rather confuses people to pick and choose amongst the available. Trust worthy brands like Cipla, Nortis etc could be relied upon. It’s recommended to use the right brand medicine.