The pharmaceutical or pharma industry plays a very important role in keeping world healthy. Pharma companies deliver medicines, vaccines and other medical products. The medicines and vaccines specifically help cure diseases and stop them from spreading.
With increasing awareness about the healthcare, pharma industry will have bigger role in our life. The global pharmaceutical market is projected to grow to approximately $1.9 trillion by 2027.
In this article, we will see how pharma industry helps during health crises and why it is important for the world.
Pharma Helps Prevent Diseases
One of the most important jobs of pharma industry is to prevent diseases before they start and they do this by producing vaccines. The vaccines protect people from different kind of viruses.
For example, vaccines have helped stop diseases like polio, measles, and smallpox.
When a new virus spreads, pharma company conducts the research, develop the vaccine and produce vaccine it at large scale. A good example is COVID-19. Scientists worked hard to develop vaccines quickly. These vaccines helped save millions of lives.
The vaccines are very important because they protect people. They also help in stopping the disease from spreading to others.
Pharma Makes Life-Saving Medicines
So many people in the world suffer from serious issues like cancer, diabetes, and HIV/AIDS. These diseases can be dangerous if they are not treated before it is too late. Also, producing medicines takes long and scientists must test them.
Firstly, they test the medicine in laboratories. Then, they test it on volunteers. If the medicine works and does not cause any side effects, then doctors can use it to treat patients.
Making Medicines Affordable and Available
One big problem is that many medicines are very expensive. Some people in developing countries cannot even afford the medicine they need. To help solve this problem, some pharma companies work with governments and charities. They offer medicines at lower prices.
There are also generic medicines, which are cheaper versions of drugs. This helps millions of people get the medicine they need at better prices. Government of India has also initiated Jan Janaushadhi Scheme in 2018 for offering generic medicines to the public. As of 2023, over 9,000 PMBJKs have been established across India.
Producing medicines affordable is very important. Everyone deserves good-quality healthcare, no matter where they live or what their economic condition is.
Pharma Helps in Health Emergencies
Pharma companies play an important role when a pandemic or disease outbreak happens. They work fast to find a cure or a vaccine. A good example is the COVID-19 pandemic. Pharma companies like Pfizer, Moderna, and AstraZeneca developed vaccines very quickly. These vaccines were sent to different countries to stop the virus from spreading.
Without pharma, the COVID-19 crisis would have been much worse. Many people would have died and it would have taken longer to control the disease.
Pharma also helps in other health emergencies, like Ebola outbreaks, flu pandemics, and new virus discoveries. Their quick response helps keep the world safe.
Pharma Studies Rare and New Diseases
Majority of pharmaceutical companies invest in research and development. They not only produce existing salts but also keep experiment new solutions. For people with genetic disorders or a few possible treatments, pharma companies attempt to produce medications to treat them.
Fighting Against Antibiotic Resistance
Antibiotics are very important as they destroy the bacteria responsible for infections. However, excessive antibiotic use may allow virus to mutate and grow resistant.
This implies that the medicine loses effectiveness and infections becoming more difficult to cure.
Pharmaceutical firms are striving to produce fresh antibiotics to combat these diseases. Even the most minor infections might be life-threatening if there are no new medicines. Significant and useful research in this field would shape the direction of medicine going forward.
Pharma Helps Public Health Programs
Pharma companies do not just produce medicines. They also help public health programs. Many companies donate medicines to poor countries. Others work with organizations like the World Health Organization (WHO) to help people get better healthcare services.
Some pharma companies also support education programs. These programs teach people about diseases and how to stay healthy. This helps communities prevent illness before it starts. By supporting public health programs, pharma companies help make the world a healthier place.
The Challenges Faced by Pharma Companies
Even though pharma companies help us a lot by providing good-quality medication, they also face many challenges.
One big challenge is the high cost of research. Developing new drug is very expensive as it includes lots of research and testing.
Another challenge pharma companies face is the regulatory requirements. As we know, medication should mean to wellness but if left unregulated, it may not achieve its purpose.
Thus, regulatory compliance parameters are too high, which sometimes increases operational complexity.
Governments and insurance companies push for lower drug prices, impacting the pharma companies revenue.
Pharma companies sell their products through local distribution channels and this increases the final product price for the end customers.
They also have to spend on TV commercials, promoting drugs at hospitals and running online advertisement for awareness.
The Future of Pharma in Global Health Crises
With new ideas and research, pharma companies will continue to help people and save lives. So, the future of pharma looks very exciting and new technology is helping scientists find cures faster than ever before.
Life style change and awareness about health is creating new opportunities for pharma sector.
Artificial Intelligence can help research and development helping scientists to understand the issues.
Conclusion
Pharma companies play a crucial role in addressing the global health crisis. They make life-saving treatments and help us during health crisis. Furthermore, they help with public health programs and try their best to provide affordable healthcare products and medicines. The future of medicine seems bright, thanks to new technologies and research. Pharma industry’s hard work and initiatives is making the world a better place for all.
