R&D in pharmaceuticals
Research and development is key to the pharmaceutical industry, arguably this is the industry where it’s most important.
With lives on the line and illnesses becoming immune to certain medications, keeping pharmaceutical products as up to date as possible is for the benefit of businesses, consumers, and the government.
This is why the UK government offers tax credits; for pharmaceutical companies that engage in significant amounts of R&D. With these tax breaks leading to more thorough pharmaceutical R&D, people can stay healthier and companies can stay profitable.
Aspects of pharmaceuticals which are eligible for R&D
Testing is a huge aspect of the pharmaceutical industry. R&D in the pharmaceutical department leads to breakthroughs in new medicines and treatments, whilst ensuring that nobody is harmed in the testing of a medication. Where previously animal testing may have been necessary, pharmaceutical R&D can use chemical testing to prevent the testing of new products on animals, at least before it’s ensured to be safe.
New Product Development is vital in pharmaceuticals. If a new medical threat emerges, products need to be developed and deployed rapidly, and modern technology accessed through use of R&D has allowed this to happen to a greater extent. With further chemical engineering, the creation of new products is a much quicker process than previously, meaning the industry can respond to issues faster and more effectively.
Significant improvements in the manufacturing of pharmaceutical goods have come from R&D projects. With modern methods, products can be made more consistent, in greater volumes, and at a lower cost. This not only assures consumers of the quality of their medication and increases trust, but also makes companies less likely to make errors in the production of medicines. In this way, R&D makes both customers and businesses safer.
In recent years, pharmaceutical packaging has changed significantly, and for the better. With tamper-proof seals and packaging on a wide variety of products, designed to keep both regular customers and children safe. These changes are a product of long term development of packaging, and with R&D becoming cheaper, these changes are likely to become more common in the improvement of medical packaging.
Replication to create generic competitor
Replication of drugs is a common area for R&D. Successfully replicating a drug which already exists requires experimentation and usually involves a degree of uncertainty.
This practice stops big pharmaceutical companies from monopolising, and ultimately benefits the end user.