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Drug discovery, development, production and marketing are carried out by pharmaceutical industry and have various benefits in medical field. Various medical devices such as pacemakers and prosthetics are also being developed and marketed by these companies. The companies own a license to research and distribute these drugs.
The growth of the industry took a high jump in 19th century and is now the most profitable business that is attracting praise with controversy. Drug discovery has been an ancient method in which the ingredient was identified from traditional remedies but now a new approach has been opted to hit the specific target based on the knowledge and data informatics system which has benefitted a lot to speed up the process. Huge investment is the need to went through clinical trials, pre-clinic development and further for safety monitoring.
If we look globally, then about 80% of pharmaceutical production and consumption takes place in Western Europe, North America and Japan. Major companies in this business are Pfizer, Eli Lilly, Johnson & Johnson, Merck and many. We can say that with desire to cure illness the demand is also high and the profit of industry highly depends on its ability to discover and market new drugs with its expenditure on R&D activities.