New figures have been released showing the impact that the pharmaceutical industry makes within Europe. Methods are evolving and there are many promising prospects on the horizon for research and development. Many cancers are being controlled and even cured and figures show that European Citizens are living up to 30 years longer than they did a year ago. Its not just the improved impact on our health that the pharmaceutical industry is responsible for. It is also one of Europe's top performing sectors.
Including drug sales the overall pharmaceutical revenue has reached almost one trillion U.S. dollars across the globe, at present with Europe contributing $260-$280 billion to that figure. Research and Development invested an estimated € 30,630 million in Europe and directly employs 690,000 people and a further 3 to 4 times more in indirect employment in Europe alone. The sales of drug-device combination sales are set to increase by 7.1% worldwide to an estimated $31 billion by 2019!
By the time a medical product reaches the market it has undergone a lengthy and costly process. Estimates show that it takes 12-13 years for a product to reach the market at an estimated cost of €1,172 million. With only 1 or 2 of every 10,000 substances synthesised in laboratories passing all development stages, it is clear to see why there is such a major investment from R & D.
Figures on behalf of the European Federation of Pharmaceutical Industries and Associations. http://www.efpia.eu/
