Pharmaceutical industry

The Pharmaceutical industry (pronunciation: /ˌfɑːrməˈsjuːtɪkəl ˈɪndəstri/) is a sector within the healthcare industry that deals with the discovery, development, production, and marketing of medications.

Etymology

The term "pharmaceutical" is derived from the Greek word "pharmakeia" (φαρμακεία), which means "drug-making". The term "industry" comes from the Latin word "industria", meaning "diligence, hard work".

History

The origins of the pharmaceutical industry can be traced back to the apothecaries and druggists who began formulating and dispensing drugs in the Middle Ages. The industry as we know it today began to take shape in the late 19th and early 20th centuries, following significant scientific and technological advances.

Key Aspects

The pharmaceutical industry encompasses several key aspects:

Drug discovery and Drug development: This involves the process of discovering new potential medications and developing them into safe and effective treatments.

Clinical trials: Before a new drug can be approved for use, it must undergo rigorous testing in clinical trials to ensure its safety and efficacy.

Pharmaceutical manufacturing: This involves the large-scale production of medications, ensuring they are produced to the highest quality standards.

Pharmaceutical marketing: This involves promoting medications to healthcare professionals and consumers.

Related Terms

External links

Medical encyclopedia article on Pharmaceutical industry
Wikipedia's article - Pharmaceutical industry

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Pharmaceutical industry