Pharmaceutical industry

The pharmaceutical industry is a <a href="/facts/Medicine/2fnp90Je">medical</a> industry that discovers, develops, produces, and markets pharmaceutical <a href="/facts/Goods/AtK6gQh2">goods</a> such as <a href="/facts/Medication/h9mhwWP2">medications</a> and <a href="/facts/Medical_device/uzUHp474">medical devices</a>. Medications are then administered to (or <a href="/facts/Self-medicate/wkD9fMtg">self-administered</a> by) patients for curing or preventing disease or for alleviating symptoms of illness or injury. 
<a href="/facts/List_of_pharmaceutical_companies/6Do5vAp2">Pharmaceutical companies</a> may deal in <a href="/facts/Generic_drug/IF6AXDVX">generic drugs</a>, branded drugs, or both, in different contexts. Generic materials are without the involvement of <a href="/facts/Intellectual_property/PqHW9mVP">intellectual property</a>, whereas branded materials are protected by <a href="/facts/Chemical_patent/EIboRIVY">chemical patents</a>. The industry's various subdivisions include distinct areas, such as manufacturing <a href="/facts/Biopharmaceutical/FHk7EwkH">biologics</a> and <a href="/facts/Total_synthesis/3GGoqhBm">total synthesis</a>. The industry is subject to a <a href="/facts/Legal_drug_trade/E5X8qQXG">variety of laws and regulations</a> that govern the <a href="/facts/Patent/LjT2bG3A">patenting</a>, efficacy testing, <a href="/facts/Drug_safety/4v2PDxCM">safety evaluation</a>, and marketing of these drugs. The global pharmaceutical market produced treatments worth a total of $1,228.45 billion in 2020. The sector showed a <a href="/facts/Compound_annual_growth_rate/wqWNy1fd">compound annual growth rate</a> (CAGR) of 1.8% in 2021, including the effects of the <a href="/facts/COVID-19_pandemic/0xTsh7Ut">COVID-19 pandemic</a>.
In historical terms, the pharmaceutical industry, as an intellectual <a href="/facts/Concept/VWB6yhQp">concept</a>, arose in the middle to late 1800s in nation-states with developed economies such as Germany, Switzerland, and the United States. Some businesses engaging in synthetic <a href="/facts/Organic_chemistry/djxhxaNg">organic chemistry</a>, such as several firms generating <a href="/facts/Dye/a1NSlcsG">dyestuffs</a> derived from <a href="/facts/Coal_tar/6lLDL4Ic">coal tar</a> on a large scale, were seeking out new applications for their artificial materials in terms of human health. This trend of increased <a href="/facts/Capital_(economics)/lLkzDdoB">capital investment</a> occurred in <a href="/facts/Tandem/mbqYoDCg">tandem</a> with the scholarly study of <a href="/facts/Pathology/U9b18LJG">pathology</a> as a field advancing significantly, and a variety of businesses set up cooperative relationships with academic laboratories evaluating human injury and disease. Examples of industrial companies with a pharmaceutical focus that have endured to this day after such distant beginnings include <a href="/facts/Bayer/fnYepBcG">Bayer</a> (based out of Germany) and <a href="/facts/Pfizer/1ADDanWs">Pfizer</a> (based out of the U.S.).
The pharmaceutical industry has faced extensive criticism for its <a href="/facts/Marketing/LttVQ66t">marketing</a> practices, including undue influence on <a href="/facts/Physician/qJ3woFvG">physicians</a> through <a href="/facts/Pharmaceutical_sales_representative/RY3mI24X">pharmaceutical sales representatives</a>, biased <a href="/facts/Continuing_medical_education/3dUR2vwJ">continuing medical education</a>, and <a href="/facts/Disease_mongering/bso3RbFT">disease mongering</a> to expand markets. Pharmaceutical <a href="/facts/Lobbying/lzdxSAUj">lobbying</a> has made it one of the most powerful influences on <a href="/facts/Health_policy/An7lRwBd">health policy</a>, particularly in the <a href="/facts/United_States/P0sCdLe5">United States</a>. There are documented cases of <a href="/facts/Pharmaceutical_fraud/WFr8hmy7">pharmaceutical fraud</a>, including off-label promotion and <a href="/facts/Kickbacks/2L4nDI73">kickbacks</a>, resulting in multi-billion dollar settlements. <a href="/facts/Drug_pricing/asuD2SAd">Drug pricing</a> continues to be a major issue, with many unable to afford essential <a href="/facts/Prescription_drugs/a2zNYPMq">prescription drugs</a>. Regulatory agencies like the <a href="/facts/FDA/KM9sGre7">FDA</a> have been accused of being too lenient due to <a href="/facts/Revolving_door_(politics)/Q44qAfgw">revolving doors</a> with industry. During the <a href="/facts/COVID-19_pandemic/0xTsh7Ut">COVID-19 pandemic</a>, major pharmaceutical companies received public funding while retaining <a href="/facts/Intellectual_property/PqHW9mVP">intellectual property</a> rights, prompting calls for greater transparency and access.

Pharmaceutical industry open-in-new

Pharmaceutical industry