The pharmaceutical industry develops, produces, and markets drugs
licensed for use as medications for humans or animals. Some
pharmaceutical companies deal in brand-name (i.e., has a trade name and
can be produced and sold only by the company holding the patent) and/or
generic (i.e., chemically equivalent, lower-cost version of a brand-name drug) medications and medical devices (agents that act on diseases without chemical interaction with the body).
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Biotechnology (“biotech” for short) is a field of applied biology that involves using living organisms and bioprocesses to create or modify products for a specific use. The cultivation of plants has been viewed as the earliest example of biotechnology and the precursor to modern genetic engineering and cell and tissue culture technologies. Virtually all biotechnology products are the result of organic chemistry.
