Drug companies, also known as pharmaceutical companies, deal with the development, manufacture, distribution and marketing of pharmaceutical products and medications.
Regulation of drug companies
Pharmaceutical companies are regulated by the Medicine and Healthcare products Regulatory Agency in the UK. They must comply with regulations and adhere to protocol. In order to manufacture and distribute drugs they must obtain a license, either from the MHRA or the European Medicine Evaluation Agency.
Drug companies in the UK are not permitted to market their products directly to consumers, as this practice is only allowed in New Zealand and the USA.
Major drug companies
The pharmaceutical industry is one of the world’s most profitable markets. There are a small number of leading pharmaceutical companies that hold a great deal of power in the industry, which include:
- Johnson & Johnson
- Merck & Co
- Bayer Healthcare
- Abbott Laboratories
- Bristol-Myers Squibb