Pharma and biotech products
Newer pharmaceutical and biotechnology products have generated increasingly large amounts of revenues after five years of launch. In 2008, revenues were at 5.6 billion U.S. dollars but had skyrocketed to some 31 billion U.S. dollars in 2017. The average cost of developing a new pharmaceutical or biotech entity has increased from 451 million U.S. dollars in 1991 to some 1.5 billion U.S. dollars in the 2010s. Many companies that had once focused primarily on pharmaceuticals have begun to integrate biotechnology in their research, which has minimized the separation between the two industries.
Pharmaceuticals are most commonly manufactured through chemical synthesis processes while biotechnology pharmaceuticals are products created within living organisms such as bacteria and yeast. Recently, biological drugs have become the most prominent products in the medicinal industry. For example, Humira, otherwise known as adalimumab, was approved in the United States by the Food and Drug Administration (FDA) in 2008. Humira is marketed by AbbVie and is used as an anti-inflammatory drug. It has since become one of the largest grossing medical products in the world, generating about 16 billion U.S. dollars in 2015. In the United States, Humira generated 13.6 billion U.S. dollars in revenue in 2016. Expenditure on biologics is expected to increase to 221 billion U.S. dollars globally by 2017.