(EMAILWIRE.COM, November 13, 2018 ) There has been an increasing push towards the development of personalized medicine. Personalized medicine is also referred to as precision medicine, the idea of which is to provide medical care according to patients individual characteristics, needs, preferences and genetic makeup. According to a survey by the Tufts Center, 94% of pharmaceutical companies have invested in personal medicine research. For instance, Roche through its drug and diagnostics approach to cancer, HER2-positive therapies generated about $20 billion in sales.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL PHARMACEUTICAL DRUGS MARKET TO GROW TO $1 TRILLION BY 2021
North America was the largest region in the pharmaceutical drugs market in 2017, accounting for almost two-fifth of the market share.
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According to The Business Research Companys Consultant, Nitin Gianchandani, the pharmaceutical industry is moving away from animal testing towards cheaper and more efficient technologies. For example, LiverChip technology created an alternative model of testing which uses a 3D cell culture platform that mimics the architecture and physiology of a human being, which was significantly less expensive and more efficient than animal testing.
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Novartis AG was the largest player in the global pharmaceutical drugs market in 2017, with revenues of $41.7 billion in 2016. Novartis growth strategy is to focus on strengthening its ophthalmology pipeline through acquisitions. In December 2016, the company acquired pharmaceutical company Encore Vision, Inc. that develops treatment for presbyopia, an ophthalmologic disorder. In addition, Novartis is focusing on licensing new products to enhance its ophthalmology pipeline.
The pharmaceutical industry develops drugs to diagnose, cure, treat or prevent diseases. Pharmaceutical companies produce both generic and branded drugs. Pharmaceutical drugs are subjected to various laws and regulations that deal with patenting, testing, safety, efficacy and marketing.
Pharmaceutical Drugs Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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