The pharmaceutical industry has been developing and evolving continuously. They hold the responsibility for the production, development and marketing of medications. They substantially contribute to the controlling and elimination of diseases and infections across the world. Various pharma companies in Mumbai, India and across the world are working for a better future free of diseases.
However, there are various facts about the pharmaceutical products and industry which people are unaware of. Therefore, we bring to you some of the facts and statistical figures. We aim to provide you with something more on the revolutionary industry and products.
- Developing a new drug might seem to be an excellent move in the direction of betterment. However, it costs 2.6 Billion Dollars which is more than the average GDP of certain countries of the world. This includes various factors of drug development such as research, obtaining the required equipment, raw material and more
- The inception of the modern pharmaceutical industry dates back to the mid-1800s. The local apothecaries expanded from traditional roles to modern practices. Also, various discoveries from applied research resulted in the modern marvel
- The industry of pharmaceutical products in India was valued at 36.7 billion dollars in the year 2018. Trends expect it to grow at a CAGR of 22.4 per cent reaching 55 billion dollars
- A major contribution in the pharmaceutical industries is by the case studies. They are carried out for the development of new medicines. They perform in-depth research and come up with a substantial thesis which is further worked on. Approximately, 139,372 clinical case studies work carried out in about 182 countries as of January 28, 2013
- Developing a medicine is time-consuming to perform various things. The general time frame for developing a drug is 11 to 14 years. Also, governing bodies grant drug patents for up to 20 years.
- If you think that getting a drug approved is easy, then you are wrong. You might generally think that one only needs thorough research and experiments to develop drugs. However, it has to pass various tests before an approving body approves it. According to sources, they approve only one drug out of between 5000 to 10000 compounds they test and makes it to the market
We furnished these facts about the pharmaceutical products and industry to widen your knowledge regarding the domain. There is much more going on at pharma manufacturing companies in India that you might to know. Often people do not know certain things about the industry. We aim to develop a better understanding of everything in whatever they will be involved.