Have you ever heard of the biopharmaceutical industry? It’s likely that you haven’t, despite it being one of the largest industries in the world.
Biopharma has created every medical drug you’ve ever taken, curing incalculable numbers of people across the globe.
Read on to discover what the biopharmaceutical industry is, why it’s important and how outsourcing is changing the industry.
What is the biopharmaceutical industry?
The biopharmaceutical industry is responsible for finding cures for illnesses through extensive research. Biopharma manufactures medical drugs, conducts clinical trials and organises for global distribution.
Biopharmaceutical companies use biotechnology to create medicine that can prevent illness and death. It is a vital industry with a large monetary value.
What was the first biopharma product?
The first product to be produced by the biopharmaceutical industry was insulin, which eases diabetes.
This was a major breakthrough, given that more than 4.9 million people have diabetes in the United Kingdom alone.
The success of insulin production launched the biopharma industry, demonstrating how investment in biotechnology could create treatments capable of saving and supporting human lives.
Since then, governments and private individuals have invested huge amounts of money in the sector, generating growth and resulting in novel medical drugs.
Can you outsource biopharma manufacturing?
The manufacturing of medical drugs is a complicated process conducted by trained professionals. Many businesses in the health sector – who have the resources to conduct research and create prototypes only – don’t have the financial capability to produce their own products for mass distribution.
Manufacturing facilities tend to cost between $200 million and $500 million to build, which cannot be undertaken by small- and medium-sized pharmaceutical companies. This reality makes outsourcing a viable option for many in the sector.
GMP mRNA manufacturing, and other biopharma production processes, can be outsourced to third-party companies.
Outsourcing is growing in America, the United Kingdom and Western Europe – with more and more companies identifying the advantages of outsourcing, which include saving money and allowing firmer dedication to your specialist area.
Is biopharma important?
The biopharmaceutical industry is very important, notably given how a growing global population is spreading more diseases at faster rates.
Biopharma is responsible for solving many illnesses and curing them through medicinal drugs. It’s a unique industry, saving lives every day and reducing symptoms in patients.
What does the future look like for the biopharmaceutical industry?
Biopharma has been growing every year since the creation of insulin, but whether it will continue to grow as a source of debate.
Resulting of increased awareness about disease spreading because of the Covid-19 pandemic, the upcoming decade may see a decreasing need for the biopharmaceutical industry.
With more people making healthy choices to reduce the risk of disease, treatments may become less necessary.
However, a growing population is causing new diseases to emerge at unprecedented rates which may mean an increased need for growth in this sector. Robotics and other new technologies are also expected to boost efficiency within the biopharma industry.
Ellen Diamond did her degree in psychology at the University of Hertfordshire. She is interested in mental health, wellness, and lifestyle.
