The history of pharmaceutical innovation in Britain and Ireland is long and complicated, but it is worth exploring. The first pharmaceutical company in Britain was established in the 1800s, while the first pharmaceutical company in Ireland was established in the late 1700s.
This article will explore how these two countries have been impacted by their history of innovation and what their future looks like concerning their pharmaceutical industries.
The Early Days of Pharmacy in Britain and Ireland
The history of pharmacies in Britain and Ireland can be traced back to the 16th century. The first pharmacy was set up by a pharmacist called John Dee in London. He sold medicines and remedies to people who could not afford them.
In the 17th century, pharmacists began to sell medicines that were not available from other sources. It was during this time that pharmacists became known as “chemists” or “apothecaries” in Britain and Ireland.
Irish Pharmaceutical Innovations – a Brief History
The Irish Pharmacy Council was established in 1898 as the governing body for Pharmacy in Ireland. Irish pharmaceutical innovations have been a major contributor to the Irish economy for the last two decades. In 1993, there were only 3 Irish pharmaceutical companies. However, in 2016, there were over 100 Irish companies involved in the industry with a combined turnover of €6 billion.
The first Irish company to make it on the international stage was Elan Corporation which was founded in 1987 and went public in 1996. The Irish Pharmaceutical Innovation Center (IPIC) was established in 2010 to help promote the development of new ideas, products and services in this sector. The IPIC model has three main components:
The Innovation Hub
It provides support for entrepreneurs and start-ups in developing their business models.
The Incubator
It provides support for businesses that are looking to grow.
The Accelerator
It provides support for companies who are looking to take their business to market.
British Pharmaceutical Innovation – A Brief History
The pharmaceutical industry has been a major and important part of the British economy for many years. In the late 1800s, Britain was the world’s largest exporter of pharmaceutical products. In 1884, a new law was passed that required all drugs to be registered with the government. The law also provided that a doctor could prescribe any drug they wished but that it would have to be dispensed by an approved pharmacist.
In 1970, the Medicines (British Pharmacopoeia Commission) Order was passed, which regulated what drugs could be sold in pharmacies and who could prescribe them. This act also allowed doctors to prescribe medicines without sendin their patients to a pharmacy first.
The Modern Day Pharmaceutical Industry in Britain and Ireland
Source: https://unsplash.com/s/photos/nhs
The pharmaceutical industry is an essential part of the British economy. It contributes £3.1 billion to the UK GDP and employs over 100,000 people across the country. The pharmaceutical industry in Britain and Ireland is a global leader in innovation and has been responsible for many of the drugs that have transformed healthcare in recent decades.
Currently, around 1,200 pharmaceutical companies are operating in Britain and Ireland. However, since Brexit there have been concerns about the situation of this sector of the economy if there is no longer access to European markets or skills.
Conclusion – The Future for Pharmaceutical Innovation in Britain and Ireland
Considering the pace of gradual development and innovation of pharmaceuticals in Britain and Ireland, the British and Irish pharmaceutical industry has a bright future ahead. With a steady stream of innovation in the pipeline and an increasing number of investment opportunities, this industry is well-placed to prosper.
Muhammad Asfandyar is a lawyer having extensive experience in creative content writing, proofreading, legal and academic research writing. He can be reached at asfandyar.edw@gmail.com