The roots of the pharmaceutical industry go back to the 1800's beginning from apothecaries (similar to modern pharmacies today) who prepared and distributed natural products / plant extracts - those days quinine and morphine were typical examples, followed later by extracts from tissues.
Today's pharmaceutical industry is one of the largest in the world, supporting our health and helping to cure or improve many diseases. The global pharmaceutical market in value terms is almost $1 trillion. Approximately 70% of the sales of prescription medicines are generated in North America (c. $500bn) and Europe (c. $200bn). Prescription medicines are typically reimbursed by the health systems of each country. Prescription medicines have authorised claims on efficacy and safety and in order to receive these, they must follow the regulatory path of drug development.
Johnson & Johnson
Merck & Co
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