Pfizer Inc. (NYSE:PFE) is known for its last year good records and business of $3.53 billion in selling treatments for rare diseases. These days the big companies are investing a lot in researching and finding cure for rare and almost incurable diseases which is becoming huge profitable business. This has perfectly marked a new beginning to find innovative medicines and therapies.
Huge revenues driving on rare disease treatments
The big Pharma companies usually do not disclose how much they are spending over the research and clinical studies of such disease treatments. However, it has been a proven fact that the sales of such drugs and the revenue through the sales can be huge enough to form considerable portion of the overall profit.
In 2014, Pfizer Inc. (NYSE:PFE) generated $3.53 billion by selling the treatments of rare disease. This was excluding the amount of ten vital cancer drugs meant for the patients having certain kinds of genetic mutations.
What investment will result in?
Co-Founder of Rare Genomics Institute Jimmy Lin said that it was a promising time and that, it is also considered as the best time to enter and research on various rare diseases medication. This takes a lot of time and hard work to keep up for hours and days to exactly know about the root causes of diseases; its health issues and work in such a way that its best remedy is found.
As per history, companies were afraid of failing by investing into field of research for rare diseases. They were focused on dedicating themselves on the common problems like heart diseases, flu and cold, cholesterol problems, and etc.
Rare disease is when out of 10 people only 1 is having disease. These are known to doctors but no treatment is possible and at times it’s just a cure. It has been recorded that 17 medicines were approved by the U.S. Food and Drug Administration in 2014 for rare diseases.
Many foundations work vigorously towards raising funds and money for the research work. Various elite dinners, walkathons, tournaments, marathons and etc. are organized every now and then. The money is dedicated to all important projects.