"Pharmaceutical firms" refers to companies or businesses that specialize in the development, production, and sale of medicines or drugs for medical purposes. Full definition
Major pharmaceuticals firms also engage in research and development, but tend to focus more on manufacturing and marketing an existing portfolio of drugs than the typical biotech firm. (investopedia.com)
Example A large pharmaceutical firm plans to launch a new product it believes will significantly increase its revenue in a short period of time. (elearningindustry.com)
Such a trial could cost tens of millions of dollars, and getting financial backing from pharmaceutical firms would probably be difficult, given that blood is not a treatment that could be patented. (newscientist.com)