The pharmaceutical industry explores, creates, manufactures, and promotes pharmaceutical drugs for usage as they can be administered or self-administered to patients with the view to vaccinate them, cure them, or reduce the symptoms of the disease. Pharmaceutical firms are able to deal in generic or brand medications as well as medical equipment. They are subject to various legislations regulating the testing and patenting of medicines along with ensuring the safety and efficacy of drugs by carrying out drug testing. The growth of the pharmaceutical industry is leveraged by new drug discovery and drug development.
The rising costs of new drug development, cut-throat competition, payer controls, and complicated distribution logistics channels have posed a big challenge for pharmaceutical firms to get their product launching strategy right. Moreover, pharmaceutical firms are witnessing a slew of unprecedented changes. Influenced by changes in age & demographics and a spectrum of diseases, the entry of innovative technologies, strict government legislations, and the pace of inflation in healthcare costs, pharmaceutical firms will have to dramatically change for coping with the future industry scenario.
Moreover, big multinational firms have demonstrated vertical integration and participated in a broad range of drug discovery and development processes, production & quality control, promotions, and sales & distribution activities. Small-scale organizations are focussing on aspects such as the exploration of new drug candidates or the development of new drug formulations. Apart from this, collaborations, partnerships, strategic agreements, and joint ventures between research organizations and giant or large-scale pharmaceutical firms will help in untapping the huge growth potential of new drugs. Moreover, multinational organizations are depending largely on contract research organizations for effectively managing the new drug development processes.