The pharmaceutical industry
develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical
companies produce both generic and branded drugs. Pharmaceutical drugs are
subjected to various laws and regulations that deal with patenting, testing,
safety, efficacy and marketing.
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The global pharmaceutical drugs market
has shown decent growth in the past years with a CAGR of just over 5%. The year
2017 recorded highest ever market value in this industry as per TBRC’s inhouse
consultants.
TBRC’s latest report show the historic and future trends in
the market for each year with sourced reasons to support the growth claims.
The report also shows the pharmaceutical
drugs market to grow at a higher CAGR by 2021 as compared to 2017, along
with geographies best suited for investments with highest return rate.
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report at
Drug
approval involves a series of research stages and regulatory approvals that are
often expensive. Drug approval process include about four phases of clinical
trials and various stages of screening process with the regulatory body such as
FDA. The costs of failed clinical trials are also high as clinical trial phases
involves huge investments. For instance, according to a report by Forbes, a
pharmaceutical company spends about $350 million per drug before launching it
in the market, thus indicating high drug approval costs, which affected the
growth of the pharmaceutical drugs market.
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Companies included in the report
are Novartis AG, Sanofi S.A, F. Hoffmann-La Roche
Ltd., Pfizer Inc, and Gilead Sciences, Inc.
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