The pharmaceutical industry: a key asset to medical progress and the European economy
Thanks to advances in science and technology, the research-based pharmaceutical industry is entering an exciting new era in medicines development. Research methods are evolving and we have many promising prospects on the horizon – from the possibilities offered by personalised medicines, to the potential offered by harnessing the power of big data. The innovative pharmaceutical industry is driven by, and drives, medical progress. It aims to turn fundamental research into innovative treatments that are widely available and accessible to patients.
Our sector is unique in its dual role of transforming the lives of patients and being a significant pillar of the European economy. The industry contributes over €110 billion to the EU-28 trade balance and employs over 795,000 people across Europe. In 2019, it invested an estimated € 37,500 million in R&D in Europe.