Industry: Pharmaceuticals and Biotechnology
 The pharmaceutical industry is currently experiencing growth in development and revenue. Pharmaceutical companies invest in research to produce medicine for the general public. Pharmaceutical drugs come at a high cost, but when the medicine can save a life the price is no question. Generic brands are suffocating the pharmaceutical industry because the money spent in investing, researching, marketing, and selling the product are all undermined by the generic brand. However, much of the population is concerned that the price of pharmaceutical drugs will continue to increase, and therefore the generic brand is their only option. The ethics behind the pharmaceutical industry are tricky because the pharmaceutical companies work to help the public but at the same time they feel the pressure to earn a profit and run a successful business.
Pharmaceutical companies are classified as either diversified, in which they operate in other industries as well such as health-care, or non-diversified meaning that the company focuses solely on the production and sale of medicine. Pharmaceutical companies often partner or merge with other companies in order to diversify their products and broaden their research and marketing capabilities. A position in the pharmaceutical field is never stable or secure due to constant company transformation and varying amounts of funding. Individuals in the pharmaceutical industry are focused on providing products in order to save the lives of others by typically working in the big name pharmaceutical companies. These companies receive more funding than small private businesses and therefore increase the odds of your product reaching the shelves.
The biotechnology industry is similar to pharmaceuticals in the manner of producing protects to advance society and save lives. Biotechnology researches genetics, living cells, and the biology of life in order to develop drugs that will cure diseases. Biotechnology companies focus more on research and the combination of science and technology. Biotechnology is not as big of an industry as pharmaceutical, but it is on the rise as technological advances are being made everyday. Research is essential in this field because individuals in the biotechnology industry work on the development of the product more than the marketing and production of the product. Biotechnology is a prime industry for investors to support because it is growing, productive, and morally pleasing.
Biotechnology companies work towards the approval of the FDA for their products, which is very difficult to come by in the biotech industry. Biotech firms work for years to develop one successful product and then are unprepared for the next step in the production process of the drug. Therefore, many biotechnology companies partner with larger firms to grow their product, increase marketing, and enable the production of the product to continue. The demand for medicinal drugs is increasing, and thus the industry is open for growth and employment opportunity. Medicinal drugs are controversial due to ethical beliefs over the role drugs should play in one’s life, especially in psychological diseases, but the benefits of these drugs can enhance the quality of life and even save lives.
The pharmaceutical and biotechnology industries are influential, and if your heart has the desire to help others and you have an internal understanding of science, then pharmaceutical and biotechnology is for you.
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