Pharma tech is one of the consistent up growing technologies which can never be deep down in line. The pharmaceutical industry accounts for research, medication, manufacturing of supplements. This sector marks a wide range of revenue growth; it reached over 1.25 trillion in 2019. The prescription of drugs goes on rising because pharmaceuticals Inc. spends handsome sums of money on research and development. As industries approach modern techniques, pharmaceuticals also row in the queue of advertising and branding their products. Varieties of drugs makers involved in this sector, spend $ 47 billion on marketing and advertising.
In this scenario, United States is globally recognized as a leader in the pharmaceutical industry. Though the US leading in this sector, it signifies the lowest share in market revenue. Most pharma tech such as Humira, Johnson’s, Eliquis is globally responsible for providing medication for chronological diseases and cancer. Revenue share in the pharma market is 48.7 % that year. The study showed that Johnson and Johnson’s net income was approximately 15 billion and it cumulated 382 billion dollars market capitalization in 2020. Humira’s net income is evaluated as 20 billion US dollars. Majorly medication of Humira is transmitted via injection and succeeds to cure the larger essence. Pharma tech involves the animal health sector also, in this sector, Zoetis a part of Pfizer range up to 6.3 billion US dollars. In 2018, 34 billion dollars are spent on the animal healthcare sector.
Due to novel covid disease, 53 new drugs were introduced by the Center for Drugs and Research ( CDER). To encounter covid disease there were 1228 vaccines and drugs developed on June 25, 2021. American companies produced 125 new chemical and biological substances between 2015- 2019. It is forecasted that over 633 billion US dollars to spend on medicine by the United States in 2024. Expenditure on medicine is expected to rise by 1.6 billion in 2025 globally.
Gilead Sciences launched drug remdesivir which proved as a possible treatment for covid 19, which automatically increased their market capitalization by 26.3 billion dollars.
Novel coronavirus disease splashed on other markets worldwide but it gave disruption to the pharma tech. Industries face obstacles at work so pharmaceutical companies are also in the queue. Workers at the manufacturing branch are at high risk and frightened to get infected in closer areas. Companies have to manage a large surplus in less downtime with fewer workers yet because of regulatory authority and restrictions, unable to resolve quickly and make changes. It made lots of changes to target covid situation. Industries invest a lot of funding, arranges essentials for workers manufacturers, a drug created using an AI drug design platform. Despite such updations, communication held improper and unsatisfied which led to disruptive errors. Now, seeking towards the end, all individuals are expected to get vaccinated so that this uncertain combat reaches up to the end. Pharma tech plays a vital role in such hazardous situations. It keeps on improving and innovating its way for the better and secured healthcare of every individual.