The pharmaceutical industry has influenced the health, prosperity, and economic productivity of the people globally. The sector consists of pharmaceutical companies primarily engaged in manufacturing, research, and development, traditional herb products, and medical devices.
The US hosts most of the highest-ranking pharmaceutical companies worldwide. Unlike other pharmaceutical industries, the US pharmaceutical industry has grown more rapidly. The companies are much committed to researching and developing new medicines for saving lives and reducing suffering to live healthier lives.
There exist various pharmaceutical companies in the US. This article will discuss the most common ones. Besides, it
will include some of the risks associated with pharmaceutical exportation.
Johnson amp; Johnson
Located in New Brunswick, New Jersey, the company is the largest pharmaceutical company worldwide. It was started as a surgical dressings disseminator in the 1880s. The company has currently partnered with over 200 businesses related to consumer health care, medical technology, and pharmaceuticals.
It was founded by Charles Pfizer and Charles Erhart in New York City in the 1800s. It grew to what it is today, making significant discoveries along the way. For example, Pfizer discovered ox tetracycline, a drug used to treat acne and chlamydia.
The pharmaceutical company was created after the Abbot Laboratories company split into two companies. It is located in Lake Bluff, IL. The company has engaged in researching various pharmaceutical fields and discovering ways of treating diseases like cystic fibrosis, Crohn’s disease, and GARP.
Edward Robinson Squibb, a man who advocated for better quality medicine, founded the Bristol-Myers Squibb in the mid-18s. Currently, the company is among the largest pharmaceutical companies both in the US and worldwide.
Initially, it was founded in Switzerland in 1970 before merging with IDEC Pharmaceuticals, a US-based company. Currently, the company is located in Cambridge, MA. It has discovered various drugs to treat diseases like psoriasis, multiple sclerosis, and hemophilia.
Risks Faced by Pharmaceutical Companies
The following are the most common risks faced by the US pharmaceutical export companies. The solutions to these risks are also included.
Custom rules are non-uniform worldwide, and most pharmaceutical exportation companies encounter many different regulations when shipping medicines and pharmaceuticals. Hiring an expert in customs law and trade compliance can help the companies from drowning in a sea of border regulations.
Unpredictable Shipping Logistics
The success of the company is mainly determined by how safely and efficiently it delivers products. Most pharmaceutical products are needed urgently; thus, being consistent with deliveries is crucial for the company’s growth. Also, the company takes responsibility for any damages that happen to the cargo. A reputable freight forwarder will ensure the shipment arrives at its destination without a hitch.
Fewer Pharmaceuticals Market Knowledge
Even though it is still not enough, thorough research is required before venturing into this business. Since the company serves a worldwide market, having experts with excellent knowledge of the different cultures and tastes will add to the growth of the business.
Pharmaceuticals export businesses are primarily set up by individuals who love finding new ways of coping with day-to-day diseases and building relationships with various countries. The biggest pharmaceutical companies in the US, which also started from scratch, are listed above.