The generic segment produces copies of innovative pharmaceuticals with the same active ingredient, strength, dosage form, and route of administration.
Biopharmaceuticals are pharmaceuticals that are biological, or cell-based drugs.
Innovative pharmaceuticals are chemically-derived drugs developed following extensive R&D efforts in terms of clinical trials in both humans and animals.
The Pharmaceuticals industry is Highly Concentrated. The production in this industry is dominated by a small amount of large firms that are able to shape the industry’s direction and price levels.
Primary Demand Drivers
- Desire to cure illness and disease
- Ability to discover and market new drugs
From the Blog
Drug prices in America have become an issue for many. Medications can cost two and three times more in the United States than they do in European countries. A drug that treats arthritis, psoriasis and other similar conditions, Humira, costs $822 dollars in Iceland but $2,669 in America.
The Danish firm Novo Nordisk confirmed on Monday, January 30th its investment of 144.5 million dollars to employ about 100 academics and scientists to perform research and treatments for type 2 diabetes. This investment has helped raise the economic standard of the UK which has been on a decline since the announcement of the Brexit. The research will occur in Oxford, but any new treatments are likely to be developed and produced in Denmark. This will help both countries economically, and boost confidence for further investments.
- SelectUSA (Date Accessed: 6/1/2017)