Article Details
Phrama industry |
| Date Added: December 14, 2009 12:47:52 PM |
The pharmaceutical industry is mainly about the development and marketing of medications. Pharmaceutical companies are under constant observation and law regulations that adhere to patenting, testing and marketing of their drugs to the public. History
Some of the largest well known pharmaceutical companies were founded in the early 20th century, while Germany has been a strong leader in those times, the UK & US market were following behind (mostly after manufacturing insulin & penicillin).
The pharmaceutical industry has grown bigger in the 1970s as new legislations that allowed patenting the various products came strong in most developed countries.
Biotechnology companies who struggled to survive grouped together with larger pharmaceutical companies, thus creating the ground for numerous dominant pharmaceutical companies to control the pharmaceutical industry.
During the 1990s the situation has changed, mostly because of the internet and the strong consumer lobby in the US that made pharmaceutical companies adhere directly to the end user and explain the pros and cons (mostly risks) when using various drugs.
The internet made it possible for the end consumer to purchase directly from either the drug producers or the online pharmacies, and the business has made a serious shift towards marketing to the consumer directly.
The industry became more versatile in late years because of the awareness of alternative medicine. This required the traditional pharmaceutical companies to work even harder to keep their sales at the top, and making the right moves to convince the consumers that traditional medicine not only works better that alternative medicine but is also safer than the latter.
Docoop- Drug delivery & Drug development |