Pharmacy has been around since ancient times, taking the form of healers and physicians. Modern pharmaceuticals on the other hand can trace their origins to the 1800s, when apothecaries moved into wholesale production of drugs such as morphine, quinine, and strychnine. This was soon followed by dye and chemical companies who began establishing research labs when they discovered that their products had medical applications.
The pharmaceutical industry has evolved greatly in such a short time span. Today, it is involved in the discovery, development, production, and marketing of pharmaceutical drugs for use in medication or administered to patients. Originally, there would be minimal contact between pharmacists and patients. However, pharmacists of today work closely and interact with patients to determine the cause of their illness and to help administer the appropriate aid.
The industry itself has been subjected to its own fair share of controversy. As a result, they are now subject to a variety of laws and regulations that govern, patenting, testing, safety, efficacy, and marketing of drugs.
The pharmaceutical industry has since grown to become a humongous, multi-billion dollar industry. More and more people are living longer, leading to more medical problems and issues that require attention. This fuels the industry which develops new research and products to address the problem. The result is a global pharmaceuticals market that has reached US$1.2 trillion in 2018 alone, up US$100 billion from 2017. Going forward, the global market will grow by 4-5 per cent CAGR, reaching US$1.5 trillion (based on invoice pricing) by 2023.
This story is from the January 2020 edition of SME Magazine Singapore.
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This story is from the January 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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