The Pharmaceutical Industry: How Medicines Are Made, Regulated and Priced

The pharmaceutical industry develops, produces and markets medicines used to prevent disease, treat illness and relieve symptoms. It includes the manufacture of generic drugs, branded medicines, biologics and products made through chemical synthesis. Branded medicines are often protected by patents, while generic alternatives can enter the market after patent protection ends. The sector is closely regulated, with rules covering clinical trials, product safety, effectiveness, patents and marketing. The global pharmaceutical market was valued at about US$1.48 trillion in 2022. Its modern roots date to the late 19th century, when chemical companies in Germany, Switzerland and the United States began applying scientific research to human health. The industry also faces criticism over high drug prices, marketing practices, lobbying, fraud cases and access to medicines. The COVID-19 pandemic intensified calls for greater transparency, fairer pricing and wider access to publicly funded medical innovations.

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