The pharmaceutical market is an economic system in which pharmaceutical companies develop, manufacture, distribute, advertise and promote medical products like drugs, vaccines, medical devices and other healthcare products to meet the needs of the population. The pharmaceutical market (German translation: Pharmamarkt) is a trillion-dollar industry, with the USA, China, Japan, Germany and France having the highest turnover.

The most important aspects of the pharmaceutical market include:

• Manufacture of drugs: Pharmaceutical companies research, develop and produce drugs. This process includes scientific research (translation into German: wissenschaftliche Forschung), clinical trials and the manufacture of drugs in accordance with the norms and standards of Good Manufacturing Practice (GMP).
• Marketing and advertising: Pharmaceutical companies also market and promote their products, including advertising and information campaigns for doctors and patients. There may be country-specific restrictions in this area, e.g. in many countries, the advertising of prescription drugs (also called prescription-only medicines; German: verschreibungspflichtige Arzneimittel) is prohibited.
• Regulations: The pharmaceutical industry is heavily regulated in most countries. Before granting a marketing authorization for new products, regulatory authorities check whether they meet the requirements in terms of quality, efficacy and safety.
• Competition: The pharmaceutical market is highly competitive. Many companies are active in this sector, producing a wide range of drugs for various indications. In Germany, the statutory health insurance companies have a high level of interest in keeping drug costs low. As a result, there is a lot of price pressure, which can sometimes have an unfavorable effect on quality.
• Consumers and patients: Consumers and patients are important players in the pharmaceutical market. To a certain extent, they influence the demand (German: Nachfrage) for and selection of drugs, particularly when it comes to over-the-counter drugs.
• Research and innovation: The pharmaceutical market relies on research and innovation to develop new and more effective treatments and drugs.

The pharmaceutical market is not only of paramount importance from a financial perspective. The pharmaceutical industry plays an important role in ensuring society’s access to safe and effective drugs. With regard to medical innovations and the development of new treatment and prevention methods, the pharmaceutical market is also indispensable in providing care to the population.

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