ABSTRACT
Pharmaceutical research and biotechnology companies are “devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives.”
— “Who We Are,”PhRMA, www.phrma.org.
A pharmaceutical or biopharmaceutical company is a commercial business licensed to research, develop, market, and/or distribute drugs, most commonly in the context of healthcare. They are subject to a variety of laws and regulations regarding the patenting, testing, and marketing of drugs, particularly prescription drugs. From its beginnings at the start of the 19th century, the pharmaceutical industry is now one of the most successful and influential, attracting both praise and controversy. Most of today’s major pharmaceutical companies were founded in the late 19th and early 20th centuries. Key discoveries of the 1920s and 1930s, such as insulin and penicillin, became mass-manufactured and distributed. Switzerland, Germany, and Italy had particularly strong industries, with the UK and US following suit.
