Pharmaceutical Industry OverviewNovember 4, 2019 2019-11-04 15:03
Pharmaceutical Industry Overview
Pharmaceutical Industry Overview
The pharmaceutical industry has progressed over the last few decades through research-oriented approach, improved technology and developed infrastructure in the field of bioscience to develop various formulations and cure for diseases.
The pharmaceutical industry plays a significant role in developing vaccines and medications for prevention and reduction in disease incidence, treatment of ailments and enhancement in quality of life by contributing to innovative research and engaging in technological advancements to meet the complex healthcare demands of the population. The main goal of this industry is to provide drugs to maintain health or prevent infections and cure diseases affecting the global population. The pharmaceutical industry within the healthcare sector comprises of different subfields of development, manufacturing or production and marketing of medications by drug manufacturers or marketers and biotechnology companies. The discovery, development, production and marketing of pharmaceutical drugs or vaccines as medications administered to patients aims to prevent, cure or alleviate the symptoms of different diseases. Health supplements reduce the chance of getting sick and meet daily nutritional requirement of vitamins and minerals.
Modern technologies and scientific advances accelerate the discovery and development of innovative pharmaceuticals with reduced side effects and improved therapeutic activity. Most of the drugs investigated for use in humans undergo pre-clinical development, clinical trials and safety surveillance or monitoring to determine the safety and efficacy before approval and launch into the market. This industry includes number of regulatory bodies that monitor patents, drug safety, quality and pricing of drugs. Many dynamic scientific, legislative, regulatory, political, social and economic factors affect the pharmaceutical industry. Practising physicians and pharmacists; academic, government and industry scientists in hospitals, clinics, pharmacies and private organisations can influence the pharmaceutical industry. Medicinal chemists, molecular biologists and pharmacists can help increase potency and specificity to improve the benefits associated with the pharmaceutical drugs.
Pharmaceutical Market Overview
The evident spread of several major infections and diseases will impact the global pharmaceutical market with expected growth of $1.3 trillion by 2020. Some of the trends visible in the pharmaceutical industry include greater pressure on healthcare budget enforced by rising incidence of chronic diseases; demand for medicines in emerging economies found more compared to industrialized economies; regulators have become more cautious about approving new and innovative medicines; rising customer expectations continue to challenge innovative medicines; increase in new clinically and economically feasible alternative therapies. The growth in pharmaceutical market is seen in expansion of medical infrastructure; doubling of disposable incomes among a number of middle-class households; greater penetration of health insurance; rising prevalence of diseases; aggressive market penetration and adoption of product patents driven by the relatively smaller companies.
The average human lifespan is exposed to more infections and diseases that require preventive approaches to maintain health and increased research to improve quality of life among the population. Hectic daily schedules, lack of exercise and sleep, unhealthy eating habits and other lifestyle choices has resulted in poor digestion, high obesity rates, breathing difficulties and other health problems. Globalization and urbanization are major driving forces in the growing demand for health supplements and improved medications. Rising number of chronic diseases have made people become more dependent on health supplements and medications. The benefits of therapies and diagnosis influence pharmaceutical companies towards research and development to support patients with accurate dose, convenience and compliance to medication regimen with increase in the incidence of chronic diseases and technological advancements.
Online Pharmaceutical Marketing Course at JLI
James Lind Institute (JLI) provides an online program – Advanced PG Diploma in Pharmaceutical Marketing for better understanding of the pharmaceutical business.
For more information please visit: www.jli.edu.in