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Pharmacy

Overview of the pharmacy industry

The pharmacy sector is a central and time-honoured segment in the health industry. It focuses on pharmacy-related services and goods. These include the preparation and distribution of medicines and medical devices for patients. It is done via prescriptions or other legal regulations. Examples include prescriptions issued by local regulatory authorities. Pharmacists also maintain records of medicines applied to ensure proper regulation and use. It results in a sector that spans more than 1,580,500 community pharmacies.

Is the industry one of notable extensiveness?

The sector comprises several types. These include community, hospital, clinical, industrial, compounding, counselling, outpatient, regulatory and home care. Thus, the industry has associations with other segments of the health sector. These include medicine, healthcare, medical equipment, laboratory, and pharmaceuticals. The pharmacy sector also has connections to the chemical, food, beverage, and retail industries. As a result, it employs at least 2.6 million professionals.

Is the industry highly valuable?

It is one of the most valuable segments in the healthcare industry. For example, it has recently reached a market size of $2.0515 trillion. The sector is also among the segments that focus on innovations. Diverse countries often showcase these during annual and biannual trade expositions.These include Germany and the Swiss Confederation. Such events also occur in France, Italy, and China. The sector’s trade expos attract tens of thousands of participants.