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
- Evolving medical and pharmaceutical technologies
From the Blog
Pfizer-BioNTech, the American-German paired company, has been the leading company for providing a COVID-19 vaccine. The FDA (Food and Drug Administration) granted Emergency Use Authorization in early December of 2020. Pfizer-BioNTech was later given emergency validation by the World Health Organization. As of August 23, 2021, Pfizer-BioNTech is the first vaccine to be FDA approved, meaning they have met the rigorous standards of the FDA. This is a significant milestone for Pfizer-BioNTech. While many have already been vaccinated, there is now additional confidence in the vaccine.
Scientists and pharmaceutical companies alike are finally nearing the ending stages of preparing a vaccine for COVID-19 for commercial use. With at least 10 vaccine candidates currently in the early phases of human testing and two candidates likely to receive FDA authorization in the coming weeks, governments and citizens worldwide are eager to begin the end of the ongoing pandemic.
- SelectUSA (Date Accessed: 6/1/2017)