Pharma industry: a key asset to medical progress and the European economy
The European Federation of Pharmaceutical Industries and Associations (EFPIA) today published its “ The Pharmaceutical Industry in Figures” report, which reveals that the pharmaceutical industry is the most R&D intensive industrial sector in Europe and in 2020, it invested an estimated 39 billion euros ($55 billion) in R&D in Europe.
The cost of researching and developing a new chemical or biological entity was estimated at 1,926 million euros ($2,558 million in year 2013 dollars) in 2014 (DiMasi et al, Journal of Health Economics, January 2016).
The world pharmaceutical market was worth an estimated 943,667 million euros at ex-factory prices in 2020. The North American market (USA & Canada) remained the world’s largest market with a 49.0% share, well ahead of Europe, China and Japan.
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