Despite the national economic downturn, the pharmaceutical industry ...
Through economic upturns, downturns and subsequent recovery, one industry continues to remain economitally viable. The pharmaceutical industry in the year 2000 earned a 17 percent return on both revenues and assets, making it the top performing industry] and the most profitable. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the drug industry trade group that represents the country's leading research-based pharmaceutical and biotechnology companies, more than $30 billion (was) invested in the development and discovery of new drugs during the year 2001. Pharmaceutical company stocks have continued to show growth regardless of fluctuations in the nation's economy. This record of steady growth may be attributed to several factors; one of which is the aging population. With the aging of the baby-boomers, estimates indicate that by the year 2030, approximately 70 million Americans will be over the age of 65, requiring much heavier reliance on prescription medications for the treatment of chronic health conditions. Another factor is the research and development and subsequent manufacture of new drugs through the biotechnology process.