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Pharmaceutical Industry Outlook

The pharmaceutical industry creates, develops and markets pharmaceuticals or biological drugs to treat, cure, diagnose, or alleviate the effects of disease. The pharmaceutical industry can deal with both generic and prescription drugs, as well as various medical devices. They produce medicines and then process them for commercialization. Several countries have licensed pharmaceutical plants for this purpose.

The major areas of the pharmaceutical industry that provide healthcare services are research and development, manufacturing distribution, and retailing. As a result, pharmaceutical companies employ thousands of healthcare professionals. Healthcare professionals who hold pharmaceutical industry jobs are known as pharmaceutical technicians, pharmacy technicians, pharmacists, medical sales representatives, product development associates, quality control specialists and regulatory personnel. These professionals make a significant contribution to the healthcare system. These professionals provide direct patient care for doctors, surgeons and nurses, as well as other healthcare professionals.

Many medicines have been developed by the pharmaceutical industry to combat common diseases. They are also available over-the-counter and sell quickly. Branded statins and non-branded cholesterol-lowering medications are the most popular drugs on online sellers like The manufacturers produce high quality products that bring positive results in reducing the number of high risk conditions and preventing the occurrence of new ones.

It takes time for new drugs to become available on the open marketplace. To determine the effects of new drugs on humans, clinical trials are performed. The type of drug and the potential to treat a specific condition will determine the duration of the trials. Pharmaceutical research and development companies invest a lot of money in conducting clinical trials to get positive results for a particular prescription drug.

Pharmaceutical companies take advantage of the power of patents to protect their new drugs from competition. A company that has created a new drug can request a patent. Once granted a patent, it makes the process of selling the medicines more expensive. However, as competition increases, the prices of patented medicines are reduced, thus allowing cheaper generic drugs to enter the market.

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