If 2020 underscored the importance of the pharma industry’s social importance, 2021 demonstrated the industry’s ability to translate R&D into profitable commercialized products.
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.
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