Brand-name drugs refer to drugs marketed by a pharmaceutical company (or companies in the case of co-branded drugs) that own the patent. Biotechnology companies are another subsector of the pharmaceutical industry working to bring new treatments to market. This total only includes companies that are part of the Pharmaceutical Research and Manufacturers of America trade group, but this group represents all major pharmaceutical research companies in the U.S. UH.
Pharmaceutical companies have been involved in some of the largest lawsuits in history in the pharmaceutical world. The pharmaceutical industry is so massive that five (of the top ten) pharmaceutical companies in the world are headquartered in the U.S. UU. The pharmaceutical industry also represents up to 48% of the total global pharmaceutical market, in terms of sales.
Finally, the patent system and certain legal provisions that delay FDA approval of generic drugs provide pharmaceutical companies with a period of market exclusivity, when competition is legally restricted. When the market exclusivity of a brand-name small molecule drug (which refers to most traditional drugs) ends, other companies can produce generic versions of the drug.
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