Prospects Of Pharmaceutical IndustriesBy: Eric Ittah

The word pharmaceutical is derived from the Greek word

“Pharmakeia”.

PharmakeiaPharmakeia

Meaning of the word “Pharmaceuticals”

Pharmaceutical industries are the backbone of any country’s economy due to the growth of different types of diseases. These industries continuously engage themselves in doing research and development process. They are a great help to healthcare providers because they develop chemicals that help in the cure of diseases.

Why there is need of Pharmacy industries?

Pharmaceutical industry absorbs all the stages that are associated to drug discovery, its development, safety, formulation, use, quality, packaging, marketing etc. Along with this, it is involved in designing high quality drugs and formulation at an affordable price. The main objective of these industries is to protect the well being of community by offering superior quality drugs and chemicals..

Functions

The main beneficiaries are –

•Patients ailing with different types of dreadful diseases•Doctors•Healthcare service providers •Community

Beneficiaries of pharmaceutical industries

The main challenges faced by pharmacy industries include:•Dramatic increase in the number of medicines in the market •Rising cost of healthcare•Limited financial resource•Inefficient health systems•Shortage of human resources in healthcare sector•Rational use of medicine.

Challenges faced by pharmaceutical industries

There has been steep increase in the pharmaceutical industries down the years because of healthcare reforms and economic growth worldwide. Rapid economic growth, increase in population and growing of diseases has made this sector gain a big boom globally. Latest technology used in the field of drug research and development has also made pharmacy sector one of the most leading sectors.

Prospects of pharmaceutical industries

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