Herbal remedies and folk medicine have existed since the dawn of time. In fact, pharmacy is derived from the Greek "pharmakon," meaning “poison or spell.”
Since its origins, the pharmaceutical industry has revolutionized healthcare and become one of the largest industries in the world, saving millions of lives each year. This giant industry is a huge player in the world economy, and it is estimated to be worth over a trillion dollars in 2021 — not to mention the recent resurgence of international drug development due to the COVID-19 pandemic.
With an industry this size, it can be difficult to evaluate just how large of a role it plays in our world. So let’s look at seven surprising facts that exemplify just how much of an impact pharmaceuticals have on today’s society.
Fact #1: The USA makes up 40% of the worldwide pharmaceutical industry.
The U.S. pharmaceutical industry is the largest in the world, making up about 40% of the worldwide drug development, manufacturing, and revenue generation. And half of the world’s top 10 pharmaceutical companies are in America, including the headquarters for Johnson & Johnson, Pfizer, Merck and Co., AbbVie, Eli Lilly and Co., and Abbott Laboratories. In fact, Johnson & Johnson’s revenue alone reached $82.6 billion in 2020.
Fact #2: The world consumes 60 billion aspirin each year.
Approximately 35,000 metric tons of aspirin are produced in factories around the world each year. First derived from the bark of willow trees way back in 1899, aspirin remains one of the most widely used drugs on the planet. Today, over 60 billion aspirin tablets are consumed worldwide each year (with Americans consuming about half of them).
Fact #3: Humira is the world’s most profitable drug.
This TNF-blocking biologic prescription drug helps treat a wide variety of autoimmune diseases with very few adverse reactions. Because of this, it has quickly become the most profitable prescription drug in the world.
Autoimmune diseases cause the immune system to attack its own healthy cells. Humira helps block that process from occurring, making it a vital tool against rheumatoid and psoriatic arthritis, Crohn’s disease, ulcerative colitis, and other autoimmune diseases.
In 2020, Humira’s global revenue reached almost $20 billion, with nearly that entire amount coming from the U.S.
Fact #4: Penicillin has saved over 200 million lives.
Would your parents and grandparents be alive without penicillin? Would you?
Since its accidental discovery in 1928, and subsequent use as an antibiotic starting in 1942, penicillin has become the most successful drug in the world. It is estimated to have saved over 200 million human lives.
Penicillin was essential during WWII, saving the lives of nearly one in seven British soldiers wounded in battle. It cured and prevented deadly infections from wounds and surgeries. It was also used to treat pneumonia, diphtheria, scarlet fever, gangrene, syphilis, and gonorrhea. Today, the antibiotic continues to treat severe bacterial infections.
Fact #5: In 2019, the industry spent $186 billion on R&D globally.
The U.S. alone spent $83 billion in research and development in 2019, and that number is only growing.
Research within the pharmaceutical industry typically consists of complicated experiments seeking to create new chemical and organic compounds. These compounds are manipulated and tested at a molecular level in order to uncover new therapies and technologies.
Developing pharmaceutical drugs requires expensive and time-consuming processes, access to state-of-the-art technologies, and adherence to government regulations. Because of the adaptable nature of bacterial and viral infections and diseases, drug development remains an ongoing challenge.
Fact #6: The FDA only approves about 50 drugs each year.
Though the FDA’s Center for Drug Evaluation and Research (CDER) reviews hundreds of drugs each year, only about 10% of drugs end up receiving FDA approval.
In 2019, only 48 drugs received approval, and in 2020, 53 made the cut.
This is because the FDA holds the entire pharmaceutical industry to extremely high standards. They are stringent when evaluating safety and efficacy, as well as weighing benefits against side effects. Though the percentage may seem low, these high standards protect consumers from counterfeit, stolen, contaminated, or harmful drugs.
Fact #7: Almost 70% of Americans take at least one prescription drug.
Data shows us that 7 out of every 10 American adults between 40 and 79 years old are on prescription drugs. And according to the CDC, 69% of Americans within this age group take at least one prescription drug (and over 22% take at least five).
Tapemark leads the industry in what we do.
At Tapemark, we’ve been contributing to the pharmaceutical industry and helping bring prescription drugs to market for more than 70 years. Interested in learning about how we can contribute to your production process? Contact us today.
