But while strong demand for COVID-19 therapies in 2021 provided unprecedented revenue levels for a handful of Big Pharma companies, it didn’t result in substantial changes in R&D spending. (Look out for more insights from Drug Discovery & Development’s annual Pharma 50 report.)
In 2019, pharmaceutical companies spent an average of roughly 25% of their revenue on R&D, according to federal government statistics. In 2021, top R&D spenders invested closer to one-fifth of their revenue in R&D.
Get the full story from our sister site, Drug Discovery & Development