04May

Why the Economy Needs the Pharmaceutical Industry

Pharmaceutical industry

There are many qualities that need to be analyzed when determining the state of a country’s economy. For example, the strength of the many industries that help develop it as well as the amount of research and innovation present and how it is assisting in driving the economy forward to develop a multitude of jobs. An often overlooked industry that is known to drive the economy forward is the pharmaceutical industry. In Canada alone, the current economic value of the pharmaceutical industry is $19.2 billion. Through it’s contributions to various other industries, the sector assists in creating partnerships and providing many job opportunities within the country.

The pharmaceutical industry also helps to drive research and innovation in medicine. This is done by working with small and large companies, as well as academic institutions to help promote innovation. An example of this can be seen at the Vancouver General Hospital where there is a focus on research for medicine related to the fields of dermatology and prostrate cancer. Over time, this has expanded and commercialized with the help of pharmaceutical companies and start-ups derived from the University of British Columbia (UBC). For example, one pharmaceutical company who is collaborating with the hospital is Roche, which is currently working on developing a drug to treat prostrate cancer. In order to be successful in the research, the company is collaborating with UBC, as well as the Vancouver Prostrate Centre to obtain useful information from a variety of viewpoints to assist with the development of the drug. This relationship is an example of a collaboration of work between institutions to help further the research into producing new treatments.

The collaborative nature of the pharmaceutical industry brings together researchers, doctors, patients, innovators, and many more- helping to create vital networks and economic growth.

For more information, please do not hesitate to contact Focal Point Research Inc.  We are leading North American consultants for Over The Counter/Non-prescription Drugs.