The pharmaceuticals industry has undergone significant changes since time immemorial. Breakthrough medications have either eradicated or significantly reduced the mortality rates of diseases that once claimed countless lives.

Pharmaceutical companies have played a pivotal role in responding to global health crises. In the race to fight the recent outbreak of COVID-19, pharmaceutical companies collaborated with governments and researchers to develop effective treatments and vaccines in record time. The pharmaceuticals industry is poised for further transformation to develop treatments tailored to an individual’s genetic makeup. Thus, major pharmaceutical players are investing heavily in the research and development activities in biotechnology and genomics to accelerate drug discovery.

Nevertheless, the pharmaceuticals industry is not without challenges. The access to medications can be largely limited due to the high prescription drug cost. Balancing the profit and affordability of medications is an interminable debate.
Despite challenges, the industry’s ability to adapt and innovate continues to pioneer new treatments and cures, owing to which a future filled with medical breakthroughs are anticipated to benefit generations to come.

The global pharmaceuticals industry is highly regulated by various governing bodies in different regions. Regulatory authorities play a crucial role in the drug development process, as well as in drug approval and marketing. The US Food and Drug Administration (USFDA), Medicines and Healthcare Products Regulatory Agency (MHRA), European Medicines Agency (EMA), and National Health Surveillance Agency (ANVISA) are a few examples of regulatory bodies.