Overview of the Pharmaceutical Industry
The pharmaceutical industry is an industry that discovers, develops, and manufactures pharmaceutical drugs with its subsidiary industries that register, market and distribute these drugs. Over the past two decades, it has experienced significant growth, with worldwide pharma revenue increasing from 390 billion to 1.6 trillion U.S. dollars by 2023. Globally, the United States stands as the leading market by pharmaceutical sales. Geographically, North America (including the U.S. and Canada) holds the largest share at 45%, followed by the Asia Pacific region at 24%, Europe at 20%, Latin America at 8%, and the Middle East & Africa at 3%. Within the industry, there are major subindustries including Research and Development (R&D), Manufacturing, Regulatory Agencies, and Marketing.
The world has benefited hugely through the advancement of pharmaceutical industry. With the development of various new drugs and treatment methods, the quality of life for millions of people worldwide is improved. The increase in life expectancy for men and women around the world is greatly contributed by these pharmaceutical advancements. One great example is the fast development and manufacturing of the COVID-19 vaccines that were estimated to have saved 2.4 million lives.
The pharmaceutical industry is a major contributor to the global economy. Besides the tremendous revenue it generates, 291,000 jobs are directly created by the pharmaceutical industry in the U.S. And 4.1 jobs are indirectly created in support of one job in the pharmaceutical industry. The industry employees are highly productive, generating an output of over $1 million. And the sector has only become more vital and active in the aftermath of the pandemic.
Overall, the pharmaceutical industry has profound impacts on human society in terms of better and more accessible healthcare. As an engineer by training, I aspire to devote my knowledge and skills to the pharmaceutical industry to further improve the well-beings of the society.
