New Report underlines the critical strategic importance of the research-based pharmaceutical industry to Europe’s economic and health future

Today, EFPIA published a report by PwC on the economic and social footprint of the pharmaceutical industry in Europe. PwC’s analysis estimates that, in 2016, 2.5 million jobs were supported by the pharmaceutical sector, with the average Gross Value Added per employee significantly higher than that of other key sectors at €156,000. The activities of the pharmaceutical industry directly contributed nearly €100 billion to EU economies in 2016, with an additional €106 billion provided through the supply chain and employee spending. Importantly, the report also provides an analysis of the impact of new medicines on patients’ lives, looking at indicators such as gains in healthy life years and ability to work, across selected disease areas.

Commenting on the report Nathalie Moll, EFPIA Director General said “There is nothing more important than the transformational effect the medicines our industry discovers and develops has on the lives of patients. The report from PwC, also highlights the role of our industry as a driver of economic growth as well as a partner in Europe’s fight against disease.”

The race to attract life-science research, development and manufacturing and investment is a global endeavour. The number of new medicine approvals in the US is outstripping approvals in the EU and the gap is continuing to grow, all in the context of increasing competition from China and the Far East.

Ms Moll went on to say. “The research-based pharmaceutical industry is one of the industries of critical strategic importance to Europe’s future. As the new EU Mandate comes together we have an opportunity to launch a new strategic dialogue for the EU healthcare and life sciences sectors to implement an ambitious roadmap for the future of health and research in Europe”.

Nick Meadows of PwC, one of the co-authors of the report said “Our analysis evidences the significant economic and societal contribution of the innovative pharmaceutical industry to Europe. It also underlines the impact the industry has on the lives of patients. Our research further highlights the imperative for the EU to maintain, sustain and develop the right regulatory environment and incentives model to prevent losing ground to other regions and continue to drive both economic growth and better health in Europe.”

For further reading:
EFPIA Economic & Societal Footprint Industry Report
EFPIA Economic & Societal Footprint Industry Technical Report
EFPIA Economic & Societal Footprint Industry Presentation
The European Federation of Pharmaceutical Industries and Associations (EFPIA) represents the pharmaceutical industry operating in Europe. Through its direct membership of 36 national associations and 39 leading pharmaceutical companies, EFPIA's mission is to create a collaborative environment that enables our members to innovate, discover, develop and deliver new therapies and vaccines for people across Europe, as well as contribute to the European economy. Our vision is for a healthier future for Europe. A future based on prevention, innovation, access to new treatments and better outcomes for patients.