October 6, 2015
Hello! I hope that you are having a beautiful autumn day. Is it raining there, too? Well, there is a quite heavy rain here! Anyway, I want to tell you about what I watched last night. It was about Alfred Nobel, the founder of the Nobel Prize. Such a brilliant person! I got really excited seeing all those scientists and their big achievements in all those years. It is quite inspiring and valuable, right?
All those achievements in science made me think of medicine, inevitably 🙂 How have things changed in pharmaceutical industry and improved? This made a huge impact on the human life.
Here are some facts about how pharmaceutical industry changed over the last 10 years:
- The major fact is about the increase in Research and Development. The competition in the industry conduced the importance of Research and Development and formulating new products. This affected the increase in innovation. New drugs with great success have been launched.
- Protecting Intellectual property got more important because of Market Exclusivity and Patent Protection.
- Regulatory rules and procedures got stricter, so it got harder to get the approval from the authority compared to the previous decades. This decreased the approval rate of the products to be launched.
- The numbers and types of audits for the facilities, have changed.
- Quality of the products improved.
- Number of products for wellness, which affect the human life quality, increased.
- Improvements in biotechnology changed the industry a lot. Many biologic products have been launched for rare and chronic diseases.
- Technology transfers began.
- There has been a rise in generic production.
- Import and export for pharmaceuticals grew around the world.
In addition to these facts, the articles below are quite beneficial and informing, on the changes in the pharmaceutical industry.
- From Washington State University, Elina Petrova’s “Innovation in the Pharmaceutical Industry: The Process of Drug Discovery and Development”
- From Duke University, Henry Grabowski’s “The Evolution of the Pharmaceutical Industry Over the Past 50 Years: A Personal Reflection”
I would love to hear your comments and the facts you would like to share about the changes in the pharmaceutical industry over the last decade. Have a wonderful week!