The pharmaceutical industry finds, develops, manufactures, and sells pharmaceuticals or chemically composed drugs to be administered directly to patients for the purpose to cure them of their diseases, administer them to medical researchers for research purposes, or relieve the symptoms from their diseases. Pharmaceutical industries can also deal in generic drugs and generic medical devices. They can also produce genetically engineered plants for the same purpose.
Because of the many incentives that a pharmaceutical company can receive for introducing new drugs into the market, there are always vigorous efforts by the company to commercialize these drugs and make them available to the market. This means that they will need to perform extensive basic research into all aspects of the drug, its effects on the human body, its possible side effects, and its possible benefits. They will also have to conduct trials and do clinical trials on the effectiveness of the drug in treating various diseases and on the potential of the new drug to treat new and existing diseases. The company’s research and development department should also include a biotechnology team to assist in the drug’s commercialization. These biotechnology groups conduct many tests on various human viruses and microorganisms to identify all the possible allergens that may cause allergic reactions to the new drug before it is introduced into the market.
As stated earlier, the pharmaceutical industry in the United States is quite dominant. However, there are other countries in the world such as Canada, which is a close competitor of the United States. Many companies in Canada are able to successfully penetrate the market without having to face tough competition due to the low prices that prescription drugs in the country are priced compared to those in the US. In addition, Canadian prescription drugs are able to offer a wide variety of products that can be used to treat almost any medical condition. Moreover, there is a large population in Canada that speaks the primary language of English, making it easier for pharmaceutical companies to penetrate the market without having to encounter many language barriers.