Pharmacy has been around since ancient times, taking the form of healers and physicians. Modern pharmaceuticals on the other hand can trace their origins to the 1800s, when apothecaries moved into wholesale production of drugs such as morphine, quinine, and strychnine. This was soon followed by dye and chemical companies who began establishing research labs when they discovered that their products had medical applications.
The pharmaceutical industry has evolved greatly in such a short time span. Today, it is involved in the discovery, development, production, and marketing of pharmaceutical drugs for use in medication or administered to patients. Originally, there would be minimal contact between pharmacists and patients. However, pharmacists of today work closely and interact with patients to determine the cause of their illness and to help administer the appropriate aid.
The industry itself has been subjected to its own fair share of controversy. As a result, they are now subject to a variety of laws and regulations that govern, patenting, testing, safety, efficacy, and marketing of drugs.
The pharmaceutical industry has since grown to become a humongous, multi-billion dollar industry. More and more people are living longer, leading to more medical problems and issues that require attention. This fuels the industry which develops new research and products to address the problem. The result is a global pharmaceuticals market that has reached US$1.2 trillion in 2018 alone, up US$100 billion from 2017. Going forward, the global market will grow by 4-5 per cent CAGR, reaching US$1.5 trillion (based on invoice pricing) by 2023.
This story is from the January 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 2020 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
