The pharmaceutical industry is in a rapidly evolving market characterized by unpredictable pipelines , digital transformation, and uncertain regulatory actions.
Part of the healthcare sector, the pharmaceutical industry is involved with medication. The pharma industry discovers, develops and manufactures drugs and medications. Pharmaceutical companies aim to provide drugs that cure diseases, maintain health, and prevent infections. Players in the industry are subject to a variety of laws and regulations that govern the patenting, testing, safety, efficacy and marketing of drugs.
The result of COVID-19 to increased digitalization and develop vaccine discovery has change the industry landscape. The implication for pharmaceutical business has been quite dramatic in terms of not only in drug and vaccine discovery but also in using digital technology. In 2021, the worth of the global drug market is expected to reach $1.5 trillion. Some of the biggest players in the pharma industry include Johnson & Johnson, Pfizer, Roche, Bayer, Novartis, Merck & Co., GlaxoSmithKline, and Sanofi.
Prescription drugs are based on chemical composites and are prescribed or administered by medical professionals.
Over the counter drugs are based on chemical composites and are directly sold to the consumer without the need of a prescription from a healthcare professional.
Vaccines are based on bacteria and viruses. They provide immunity against infectious diseases by stimulating the production of antibodies.
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