The pharmacy profession can be tracked as far as around 4000BC when Sumerians used medicinal plants. The pharmaceutical industry has tremendously grown over the years, and it may be intimidating for the ordinary man or woman to understand some facts about it. Here is a look at 5 interesting facts about the pharmaceutical industry.
1. Pharmaceutical Companies Spend Less on Research That Marketing
According to a study statistic, it reveals that pharmaceutical companies spend about twice the amount of money used in research for marketing and promotion. Although the companies claim that the high medication costs are because of the high prices they spend on research and development, the industry spent about $35 billion on promotion cost.
2. Most Drug Reps Do Not Have Science or Medical Education
Though it is essential for each drug seller to have a particular level of education, pharmaceutical companies often do not put this aspect into practice. This has, in times, resulting in significant side effects as the drug benefits are exaggerated at times.
3. Drug Prices Are Increasing Faster every day
Drugs are the highest and fastest-growing part of the health care bill that is alleviating at an alarming rate. This is because patients spend more on medicines as prescribed by the doctor and are always very expensive.
4. Popular Medicines Are Known as Blockbuster Drugs
Blockbuster drugs refer to drugs whose selling performance sales have reached about a billion dollars a year. The pharmaceutical industries are positioned where they can capitalize on the addictive behavior of an individual for guaranteed high returns and sales. This is a testament to the tactics of the companies to hike the prices.
5. Generic Brands Are Becoming More Popular
According to a research study, the annual inflation in the cost of drugs is at the lowest level in the past two decades. Patients are beginning to use generic medications and purchasing prescriptions from discount stores to decrease the financial burden of brand name drugs. This is good news to those who want to see the pharmaceutical company’s downfall as a result of fewer consumers and increased competition.
These are just a few main facts about this industry. From the discovery to science, experimental drugs, and company collaborations, there is a lot about the pharmaceutical industry that never comes out to the public eye.