Overview of Pharmaceuticals
The pharmaceutical industry finds, develops, manufactures, and sells pharmaceuticals or generic drugs for the purpose to heal people, to treat them from diseases, to dispense to patients, or alleviate their symptoms. Pharmaceutical firms can also deal in medical devices and generic drugs. Some of the pharmaceuticals manufactured are antibiotics, mood stabilizers, pain relievers, cancer drugs, vaccines, blood pressure lowering agents, hormones, and many more. The major pharmaceutical companies are Ciba Pharmaceuticals, Hoffman-La-Roche, Novartis Pharmaceuticals, Merck Pharmaceutical, GlaxoSmithKline, Takeda Pharmaceuticals, Syntax Pharmaceuticals, and Janssen Pharmaceuticals.
The United States of America is the leading consumer market in the pharmaceuticals industry, accounting for about 80 percent of the world’s pharmaceutical production. The demand for pharmaceutical products and services in the United States is continuously growing due to the aging population, the increased life span of people, the increased health problems, and the need to live a healthy lifestyle. The pharmaceutical industry has developed effective marketing strategies to address these needs by creating a recognizable brand image, promoting pharmaceutical products, and developing medical care facilities that promote pharmaceutical sales. Some of the activities of the pharmaceutical industry in the United States include the production of medical information, pharmaceutical product development, medical logistics, government research and development, pharmaceutical distribution, law and regulatory affairs, business strategies, and health products research and development.
The pharmaceutical industry contributes largely to the economic health of the nation. About two-thirds of the gross domestic product is contributed by the pharmaceutical industry in the United States. As the use of pharmaceuticals continues to grow in the country, so does the number of pharmaceutical manufacturing plants. According to the United States Pharmacopoeia, every pill in the United States requires a prescription. Because there are about 20 million prescriptions issued on an annual basis in the United States, the amount of drugs manufactured and distributed is a substantial portion of the country’s gross domestic product.