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The pharmaceutical industry or simply the pharmaceutical industry is a large industry responsible for the discovery, development, manufacture, manufacturing and marketing of medicines for use in humans and animals. Medicines usually come in liquid form that can be administered through a needle or solid form that can be taken by mouth. Medicines are intended to cure a disease, act as a vaccine or relieve the symptoms of a disease.
Pharmaceutical companies conduct and sponsor pharmacology and (pharmacology) research to develop new drugs or improve existing drugs for existing human and animal diseases. Overall, the Western pharmaceutical industry has been slow to develop low-cost, readily available drugs for diseases that are prevalent in low-income countries, such as malaria, tuberculosis, etc., despite discovering cures for many diseases.
Pharmaceutical companies may deal with non-commercial or unbranded drugs or branded drugs. A variety of laws and regulations regarding drug discovery (patent), testing, safety, efficacy and marketing apply to these pharmaceutical companies.
The pharmaceutical industry discovers, develops, manufactures and markets drugs or pharmaceutical drugs for use as (or self-administered) medicine by patients, with the aim of curing them, vaccinating them or alleviating symptoms. Pharmaceutical companies may deal in generic or brand name drugs and medical devices. They are subject to a variety of laws and regulations that govern patenting, testing, safety, drug testing, and marketing of drugs using efficacy. The global pharmaceuticals market generated treatments worth $1,228.45 billion in 2020 and showed a compound annual growth rate (CAGR) of 1.8%.
