Pharmaceutical Industry

The pharmaceutical industry consists of companies engaged in the manufacture and sale of prescription and over-the-counter (OTC) medications. Its key activities include research and development, product testing and clinical trials, and the production, marketing, and distribution of pharmaceutical products approved for use. A small group of large multinational companies commands a majority share of the global pharmaceutical market, producing and marketing a wide range of drugs and medical devices that generate enormous profits. Some pharmaceutical industry practices are controversial, including its marketing strategies, political influence via powerful lobbying groups, control over product pricing, and behaviors related to the sale of opioid pain medications. During the novel coronavirus disease 2019 (COVID-19) pandemic, major pharmaceutical companies played an important role in expediting...