Tanu, SGT University
1. Introduction
1.1. Overview of the pharmaceutical industry
The pharmaceutical industry is at the core of modern healthcare, influencing the lives of billions across the globe. By combining research, development, manufacturing, and distribution, it can significantly impact public health, economic systems, and societal well- being. Underneath this synthesis, the pharmaceutical sector entails the discovery, production, and commercialization of diverse medications and therapies aimed at disease and health condition prevention, management, and elimination. Drawn upon numerous sciences, such as chemistry, biology, and medicine but also faced with economic and regulatory inquiries, the pharmaceutical industry gets the very essence of human health complexity. The roots of the pharmaceutical industry go back centuries, from early apothecaries and herbal medicine to contemporary laboratories and biotechnological novelties. The advancements in this field have transformed the understanding and provisioning of healthcare radically; as all know, the inventions of vaccines, antibiotics, and numerous lifesaving and life-eliminating treatments have sufficiently changed the global history of public health.1
The pharmaceutical industry today is a multifaceted field with thousands of participants, ranging from large multinational companies to small biotech startups. However, research and development are the engine of the pharmaceutical industry and the foundation of new scientific discoveries both in clinical treatment and academic research. These discoveries and clinical trials of new methods are fraught with difficulties and numerous risks, but they also contribute to significant breakthroughs in human health. Intellectual property rights play a crucial part in the pharmaceutical industry, as it allows R&D companies to protect their products from third- party replication and gain a return on investment. While intellectual property is necessary to ensure fair reimbursement, it also raises concerns about the affordability of new drugs and medical equity. The pharmaceutical industry’s debates surrounding patent protection have influenced its development and show no signs of abating.
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