Have you heard of the biopharmaceutical industry before? Probably not, even though it’s one of the most profitable sectors in the world. The financially most successful company in this sector, Pfizer, earns over $100 billion each year.
Through GMP manufacturing of mRNA, the biopharma industry has been able to create every medical drug you know from ibuprofen to insulin and paracetamol to herceptin.
This article will explore what the biopharma industry is, how it came into existence and why it’s more important today than ever before.
What Is The Biopharmaceutical Industry?
The role of biopharma is to create safe drugs that can be sold to customers. The sector finds cures for illnesses, diseases and viruses by creating drugs through an effective multi-stage process.
First, scientists in the industry identify illnesses that require a solution or existing medicines that need refining, and then research how a drug would cure or alleviate the symptoms of that sickness. Then, biopharma experts use technology to create medicine before testing this during a clinical trial. Artificial intelligence is often used to identify suitable candidates for the testing process. Upon completion of a successful trial, the drug is then manufactured and distributed to the public market.
Key to all biopharma processes are two key components – technology and people. The combination of these two forces has changed our understanding of science in remarkable ways.
How Did The Biopharmaceutical Industry Start?
Insulin was the first product created by the biopharmaceutical industry and the sector has been generating newsworthy successes ever since.
The emergence of insulin has dramatically altered the lives of millions of people around the world, and its success launched the biopharma industry. It made a case to governments and private companies that the future of health was in biopharma and biotech practices.
Since the creation of insulin, the sector has enjoyed major investment and publicity, which has fueled continued growth and many more products reaching the market.
70% of Americans are on some form of medication, meaning that a vast majority have the biopharma industry to thank for the ease in which they can conduct their lives.
How Important Is The Biopharmaceutical Industry?
Biopharma is able to answer the questions that have eluded people for thousands of years. Professionals in this industry are experts in identifying an illness and merging human and technological input to hugely satisfying ends.
Diseases are spreading more quickly year-on-year as growing populations mean people are living closer together. This is making the biopharma industry more important than ever.
Final Thoughts
The biopharma industry is the most important sector you’ve never heard of. It has created all the medicine you’ve ever had or will have, and ensures more people than ever in our history are living longer and healthier lives.
The sector is growing at speed and we can expect many more life-changing drugs in the near future.