The pharma industry is one of the main industries in the world because it supports the most important part of human life, i.e., health. Let’s see all those things about the pharmaceutical industry that people generally don’t know.
Here are the top 15 facts about the pharma industry:
1. It started 200 years ago.
Medicines have been in use for a long time. Many gurus and saints used different kinds of herbal products to cure their patients. But modern medicine started 200 years ago, around the 19th century.
2. The pharma industry is the most profitable among all industries.
With around $154 billion spent on drugs, it is the most profitable industry in the world. Everyone needs medicines at least at some point in their life, and it has allowed these companies to make a huge fortune.
3. Developing a new drug costs $2.6 billion.
A huge amount of money is invested in this industry, and that is because developing just one drug can cost up to $2.6 billion.
4. Pfizer is the biggest pharma company in the world.
The net worth of this company is $52.54 billion. Also, according to an estimate, almost $1.4 trillion was invested in this industry in 2019, and by the end of 2020, the number was expected to rise to almost $1.5 trillion. Amongst all companies in this industry, Pfizer makes the most money, and it has its headquarters in the USA.
5. There’s no research to prove prescription medication works longer.
Taking some medication together for the long term can affect your liver, and it can also affect your brain resulting in an addiction.
6. Advertising is key in this industry.
Advertising plays a very important role in every industry, and the same goes for the pharma industry. It was found that in the USA, big pharma companies spent around $200 million per year on advertising. They hire famous people to promote their products, and they also give free medicines to doctors to prescribe them to their patients.
7. Clinical trials don’t always get approvals.
Clinical trials are some things that are done and tested on humans and, most of the time, in hospitals. Companies are usually very selective about the release of the information that they get after the research. Many companies still do not publish their reports, and it is highly problematic.
8. Big pharma companies get fined a lot.
Yes, that’s true! In 2012, a pharma company was held under criminal charges and was fined $3 billion after they promoted antidepressants to minors. Even Johnson & Johnson was fined for promoting the illegal marketing of painkillers.
9. Engineers and new technology are helping a lot.
Diseases like polio and smallpox have been eradicated by vaccination, and there is a possibility of a cure for every deadly disease. New technologies and ideas are helping pharma companies a lot in finding the cure and treatments for various diseases. Big tech companies like Apple and IBM have also started investing hugely in this industry.
10. There’s a big pharma conspiracy going around.
Big pharma is the name given to 15 huge companies in this industry. But these companies are surrounded by many conspiracy theories. Many people believe that they work hand in hand with the government to keep the people sick.
11. Antibiotics were discovered 90 years ago.
Antibiotics are grown from microorganisms, and they are used for many diseases like chickenpox, pneumonia, etc. Indians and Greeks used many plants to treat infections, and later in the 1800s, scientists and doctors discovered that there are bacterias that help fight infections. The first antibiotic discovered was Penicillin.
12. Japan’s pharma industry is booming.
Japan is ranked top in the world, closely competing with the USA and China. Since the population of the country is aging so, the elderly need more medicines for their treatment. It is a great market for the pharma industry.
13. Supplements only make you thirsty.
Taking various supplements like vitamins and minerals in the form of tablets causes massive thirst in the human body. Also, without the consultation of a doctor, it is advised not to take these supplements daily.
14. In 2015, HIV drugs went from $13 a tablet to $750 overnight.
HIV is one of the deadliest viruses, causing diseases in the world, which still doesn’t have any 100% cure. In 2015, the price of a tablet for the disease increased overnight, and the company’s head said that the money would be used for the research and development of the new drug.
15. There is still no cure for cancer, HIV, and Parkinson’s disease.
These are the diseases that kill a lot of people in a year. Cancer alone kills around 900.000 people in a year in just India and around 600,000 people in the USA. There is not a lot of progress in finding a cure for these diseases. There are tons of donations and campaigns for the research of these diseases, but so far, only so much has resulted.
Health is truly wealth. Despite being a booming and profitable industry, it is still advisable to limit taking medicines. However, the innovations and research in this field are commendable.