In the year 1546, the first official pharmacopoeia appeared in Germany and the profession of pharmaceuticals is stated to have begun in the year 1617 in the town of London with the formation of Society of Apothecaries. Since then the pharmaceutical Industry has come a long way due to the unification of fields of chemistry and physiology led to a better understanding of the drug creating process.

Pharmaceuticals are substances which are used in the diagnosis, treatment, prevention of diseases and for restoring, correcting or modifying organic functions. Pharmaceuticals are generally classified by the chemical group, the way they work in the body (the pharmacological effect) and by the therapeutic use. The pharmaceuticals industry is aimed at discovery, development and production, as well as pharmaceuticals drugs for use as medication for patients to be administered or self-administered to cure them, alleviate or vaccinate them. Due to a rapid growth in chronic and infectious diseases, the global pharmaceutical market is growing at an exceptional rate leading to a rise in life expectancy of people all around the world. All the pharmaceuticals companies are governed by certain laws and regulations that govern the patenting, the testing, safety, efficiency and marketing of the drugs and medication the companies endorse or produce. To keep up with the rise in competitive market of pharmaceuticals, the leading players in the industry divert as much as around 10% of their turnover profits to their research departments. At MIR, our analysts go through the rapid changing marketing scenarios in the pharmaceuticals industry to gain the latest knowledge and insights. This helps us create the best analytical reports in the markets helping us predict a much accurate forecasts in the upcoming years for the pharmaceuticals market.