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Pharmaceuticals

What is the pharmaceutical industry?

The pharmaceutical industry is one of the most beneficial and time-honoured healthcare segments. It focuses on the development, discovery, and manufacture of pharmaceutical products. These are medicines and drugs that cure, prevent or ease disease. It is an extensive sector with a high focus on research and innovation. It results in the industry directly employing around 7.8 million professionals. Additionally, it indirectly engages 44.7 million experts and induces the employment of 22.4 million specialists. It includes a direct engagement of over 1 million in R&D.

Is the industry extensive?

The industry has an extensive network. It includes time-honoured links to other health-related segments. These include the medical, healthcare, laboratory, and medical device sectors. There are also long-established links with the chemical, biotechnology, and laboratory industries. There are also links with the agricultural sector. It is due to the time-honoured use of various plants in the production of medicines. The pharmaceutical industry also has links with the plastics sector, government, and IT. As a result, the industry spans thousands of companies, with over 5,400 featuring active R&D pipelines globally.

Is the industry highly valued?

As a result, the segment is one of the most high-value economic divisions. For example, it has recently reached a market size of $1.66 trillion. The industry, as mentioned before, is highly focused on research and innovation. It often presents its latest wares during annual and biannual trade expositions. These take place in various countries. One example is the USA. They also occur in the Federative Republic of Germany. Such trade expositions attract tens of thousands of participants.