Growth in European pharma R&D spending outpaced by US and China

19 Nov 2024 | News
Drug development
R&D Funding
Health

For the first time, China has overtaken Europe in drug discovery, industry research shows

By Martin Greenacre

Photo credits: Anton_Medvedev / BigStock

US spending on pharmaceutical research and development has left Europe behind in the last decade, and Chinese investment is growing faster than in both regions, new research shows.

In the EU, Switzerland, the UK and Norway, private R&D expenditure grew 4.4% each year on average between 2010 and 2022, rising from €27.8 billion to €46.2 billion, according to the report by consultants PwC, carried out for the European Federation of Pharmaceutical Industries and Associations (EFPIA).

While Europe accounts for almost a third of all global spending, growth has not kept pace. In the same period, US spending rose 5.5% per year on average, from €30.7 billion to €71.5 billion, outpacing Europe despite the two being level pegging until…

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