3 Facts that pushed an industry from ASPIRIN to ASPIRATION
How technology and innovation will drive the Pharma industry? Ever since the pyramids were erected in Giza, the need for medication and surgery were required. During the Stone Age, as early as 3,300 BC, studies have shown that primitive forms of herbal condiments were used to treat wounds and certain lung disorders. Ayurveda, from the annals of the Hindu Veda scriptures, can be traced back to almost 4,000 BC.
The first institution to train individuals in the field of physiology and medication was established in Italy, around the 15th century.
Although the first landmark in the healthcare industry was the accidental discovery of Penicillin by Scottish scientist Alexander Fleming, in the year 1928; the widespread use of Penicillin was initiated only in 1942 to treat infections caused by Streptococci Bacterium. But over time, Penicillin-resistant bacteria began to come to life.
And it wasn’t an isolated situation, as overtime viruses and parasites begun mutating and developing resistance over their target medication that it became important to continuously develop more advanced strains of medicines, and this sparked off the birth of the Pharmaceutical and Drug testing industry!
In 2018, the pharmaceutical industry is one of the top 3 industries in the world. In 2017, the pharmaceutical industry pumped nearly USD 24 bill into advertising and PR, with USD 12 bill from the United States alone!
The industry invests nearly USD 40 bill a year on drug development and clinical trials, making it one of the biggest contributors to the international economy.
The need for constant innovation and development of drugs has risen drastically over the last 15 years. The growth spurt arose due to the birth of certain strains of bacterium and viruses that have begun adapting to the medication. As the causal organisms began to adapt to the quintessential drugs, the industry had to keep researching drugs to fight this mutation.