This chapter introduces the reader to the biopharmaceutical market sector. It discusses the history of the biopharmaceutical market and its reliance on research and development. The demand function and pricing of drugs are discussed, as well as the approval process for innovative and generic medicines in the U.S. and abroad. This is viewed within the perspectives of the healthcare and biopharmaceutical value chains.
research and development
Funding is one of the critical inputs in the research and development process of biopharmaceuticals.1 For most projects and firms, funding represents a ...