The United States is the largest market for biopharmaceuticals, accounting for around a third of the global market, and is the world leader in biopharmaceutical R&D. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world's R&D in pharmaceuticals ($75 billion) and hold the intellectual property rights on most new medicines.

Pharmaceutical industry, the discovery, development, and manufacture of drugs and medications ( pharmaceuticals) by public and private organizations. The modern era of the pharmaceutical industry—of isolation and purification of compounds, chemical synthesis, and computer-aided drug design—is considered to have begun in the 19th century, thousands of years after intuition and trial and error led humans to believe that plants, animals, and minerals contained medicinal properties.

According to PharmaExec.com, the industry can use artificial intelligence to do things such as: Create new approaches for marketing that will attract customers Improve drug trials Manage large amounts of data rapidly Replace old manufacturing processes that relied on humans with automated processes ...

The pharmaceutical industry is responsible for the research, development, production, and distribution of medications.

The pharmaceutical industry is the part of the healthcare sector that deals with medications.

In addition to NIH research, pharmaceutical manufacturers and biotech companies play a significant role in the early phases of discovering new drugs. These companies then undertake the development and approval process with the Food and Drug Administration (FDA) to bring the medicine to the U.S. marketplace.

Pharma companies face a range of policy and regulatory issues—activity that affects the pace at which drugs come to market, supply chain and safety, tax, and pricing polices limiting payment rates. In addition, the US Food and Drug Administration (FDA) has, in partnership with the biopharma industry, introduced many regulatory changes around approving COVID-19-related treatment research.