Market structure type for pharmaceutical industry?

The pharmaceutical industry typically operates within an oligopoly market structure. This is characterized by a small number of large firms that dominate the market, with significant barriers to entry due to high research and development costs, regulatory requirements, and patent protections. These companies often engage in competitive practices such as extensive marketing and innovation to differentiate their products. Additionally, the presence of generic drugs introduces some competitive dynamics, but the market remains largely controlled by a few key players.