The word “Pharmaceutical” comes from the Greek word “Pharmakeia” with the modern translation as “Pharmacia”. We all are aware of the many existing pharmaceutical companies, as we have used many of their medicines during our ill phases. Many people owe their lives to life saving medications. Pharmaceutical companies are responsible for discovering new drugs, marketing them and getting them licensed for use as medications. All drugs that pharmaceutical companies produce must go through a rigorous and strict process of testing and patenting while subjected to countless safety checks by regulation and law. These pharmaceutical companies not only play a very important role in the medication/vaccine/research industry, but in doing so, play a significant role in the overall revenue and the development of a nations. The pharmaceutical industry employs many thousands of people and contributes greatly to the GDP of a country. The United States is still the largest pharmaceutical market in the world. According to a report by IMS Health the global market size of pharmaceuticals is expected to reach nearly $1.1 trillion in 2014.
As for the Chronic Pain market, it affects 116 Million Americans, or one out of three people. Astonishing, this is more than the total affected by Heart Disease, Cancer and Diabetes combined. Pain costs the United States alone $635 Billion each year in medical treatments and lost productivity.
Our world may face recessions over time, but the pharmaceutical and healthcare industries are more likely to shine through them and grow. The pharmaceutical industry is continually growing with sales and revenues peaking year after year.