Pharmaceutical companies directly and indirectly contribute to the health and well-being of people of all ages. From breakthrough treatments of chronic diseases and illnesses to everyday medicines, the pharmaceutical industry discovers, develops and manufactures a variety of medicines and treatments through different channels and different types of companies.
Brand Developer
Large and small companies make up the pharmaceutical industry. Large companies such as Pfizer and Merck are involved in both research and development (R & D) and pharmaceutical manufacturing. These large companies often research prescription books from the beginning and invest heavily to find the next breakthrough drug. When promising candidates are discovered, they seek patents to protect their investment, and research continues to develop safe and marketable drugs. Of course, leading the major pharmaceutical sector is a risky business. The Pharmaceutical Research and Manufacturers of America estimates that only two-tenths of the medicines on the market generate more revenue than the R & D costs of branded products.
Generic Competition
Also involved in the manufacture of drugs is the company that manufactures generic versions of branded drugs after obtaining a patent. Generic drug manufacturers can offer drugs at low prices without the high cost of research and development. The generic drug mix includes manufacturers that have exclusive contracts with brand manufacturers such as Pfizer and Merck to produce generic versions of drugs that were once exclusive. This business model allows the original manufacturer to regain part of the market through common alternatives.
Research and development
Research and development is an important business sector for both large and small pharmaceutical company, but it also exists as an industrial channel in its own right. R & D companies conduct clinical trials, identify disease characteristics, and strive to provide important feedback throughout the pharmaceutical industry. As reported by the Pharmaceutical Research and Manufacturers of America, R & D companies, academic institutions, and companies of all sizes share their former proprietary information to advance science. We hope that this research exchange will lead to new discoveries and treatments for today’s biggest challenges such as cancer and Alzheimer’s disease.
Other types
Additional pharmaceutical companies also exist in the pharmaceutical industry. This includes companies that manufacture bulk compounds and chemicals used in the manufacture of prescription and over-the-counter drugs. Biopharmaceutical companies represent another type of company found in the pharmaceutical industry. They produce vaccines, serum and blood products.
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