Are you interested in working in the biopharma industry, or simply looking to better understand this important sector of health care?
This article will outline what biopharma is, how it is changing and why it is important. Read on to find more about this life-saving industry.
What is Biopharma?
The word biopharma is simply a shortened version of biopharmaceutical industry - and means the same thing. The sector is responsible for medical drug research, production and distribution.
Every medical drug you buy to alleviate ailments and limit illness has been created by the biopharmaceutical industry. The sector is extremely large, covering a vast range of tasks.
Central to all biopharma processes are people and technology. Medical professionals in the industry are responsible for brainstorming ideas, testing possible solutions and developing drugs ready for global distribution.
Technology is central to the industry too. For something to be classed as from the biopharma sector, it must be made using biotechnology.
Why is the Biopharmaceutical Industry Important?
The biopharmaceutical industry is responsible for testing, creating and distributing all medical drugs in the world. The sector, through its hard work, has solved so many illnesses once thought incurable.
Everytime you take paracetamol, you have the biopharma industry to thank.
As well as regularly creating new medical drugs to combat some of life’s harder medical challenges, the vast biopharmaceutical sector is always researching and refining existing medical drugs to improve their effectiveness.
In the United Kingdom, more than one in 10 people aged over 65 takes at least eight different prescribed medications weekly - demonstrating how this sector is creating a brighter future by easing and curing ailments and illnesses.
Is the Biopharmaceutical Industry Growing?
Biopharma is a huge industry and one of the biggest in America. Worth billions of dollars per year, the sector is hugely important - not just to the patients benefiting from their products, but to the American economy.
The emergence of CDMO Biologics companies is creating huge growth in this industry, employing more people and producing medical drugs quicker than ever before.
There has also been an increase in outsourcing to these companies, which has boosted the industry further.
A growing global population is also responsible for the growth experienced in this industry. The world’s population is more than three times larger than it was in 1950, having recently passed the eight billion mark. This has put additional pressure on the biopharma industry, but that demand from the global population has allowed the sector to receive more investment, boost profits and grow.
The Bottom Line
The biopharmaceutical industry is one of the largest sectors in the world, generating billions of dollars per year in America alone and employing hundreds of thousands of people around the world.
This vital sector of the health industry is responsible for researching, producing and distributing medical drugs capable of curing patients and saving lives.
The industry is experiencing vast growth around the world, in large part due to surging populations and the emergence of new companies.
