Pharmaceutical industry deals with research, development, production, and marketing of medicinal drugs, which can be generic or branded. The industry has shown continuous growth through research and developments along with adoption of newer methods and technologies in healthcare, which have helped in the treatment of rare diseases as well as some previously incurable diseases.
While increased number of approved orphan drugs are being used to treat or prevent rare medical conditions, several chronic diseases such as psoriatic arthritis, psoriasis, rheumatoid arthritis, cardiovascular disease, etc. are being treated with the help of biopharmaceuticals, which are produced from biological sources such as animals, plants, humans, etc. Rituxan, Revlimid, and Geevec are some examples of orphan drugs whereas examples of biopharmaceuticals are monoclonal antibodies, cytokines, clotting factors, hormones and cell therapies.
Inclination towards food supplements and multiple ingredient-based medications have led to the growth of herbal medicine industry. As the herbal supplements and remedies cause little or no side effects, it has resulted in the widespread acceptance of functional foods, alternative medicines and the rise in consumer confidence to include herbs in preventive health.
As development of medicinal drugs and other therapeutic methods are critical to the industry, advancement in drug delivery devices is also important for the efficacy and effectiveness of the drug. Technological advancements, availability of improved drug delivery systems and rising geriatric population are the key driving factors for drug delivery market.
Pharmaceutical industry is witnessing consolidation primarily fuelled by patent expirations, increasing competition from smaller players,growing overall research capabilities and drugs pipeline. Some recent mergers and acquisition activities the industry has witnessed include Shire acquiring Baxalta; Meda being acquired by Mylan; and Abbott being in the process of buying Alere Inc.
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