Pharmaceutical industry, revenues of 1.6 trillion dollars in the year 2023

The global revenue of the pharmaceutical industry was about 1.6 trillion dollars, according to data published in the American and European media. This significant growth has been driven by factors such as advances in personalized medicine, cancer therapy, and increased demand for innovative drugs. In addition, collaborations between pharmaceutical companies and those in the field of advanced technologies such as Artificial Intelligence have accelerated the development and approval of new drugs.

Pharmaceutical industry turnover has also increased due to factors such as high prescription drug prices and innovation in areas such as biotechnology and immunotherapy. These elements have strengthened the position of the pharmaceutical industry as one of the most important economic sectors globally.

The "Big Pharma" group, which includes the world's 10 largest pharmaceutical companies, generated combined revenues of approximately $559.5 billion last year. According to the data published in the media and the annual financial report of each company, the situation looks like this:

- Pfizer - $58.5 billion

- Johnson & Johnson - $94 billion

- Merck & Co. - USD 60.12 billion

- AbbVie - $58 billion

- Novartis - $45.4 billion

- Roche - $67 billion

- Sanofi - $46.9 billion

- AstraZeneca - $45.8 billion

- Bristol Myers Squibb - $45 billion

- Bayer - $51.9 billion.

These companies play a major role in the development and commercialization of medicines, including vaccines, cancer therapies, and chronic disease treatments, contributing significantly to the pharmaceutical industry's global revenues.

Big Pharma revenues during the pandemic period (2020-2022) were significantly higher than in 2023 due to global demand for vaccines and treatments related to COVID-19. Comparatively, in 2023, companies saw a decline in revenue, mainly due to the decline in demand for products related to the pandemic.

For example, in 2021 and 2022 Pfizer posted record revenues, reaching nearly $100 billion in 2022, due to sales of anti-COVID vaccines and treatments, notably Comirnaty and Paxlovid. In 2023, revenue fell to $58.5 billion, a 41% reduction compared to 2022.

However, pharmaceutical companies continue to be profitable, investing heavily in research and development for new treatments. For example, in Europe, the pharmaceutical sector invested more than euro44.5 billion in research and development alone, and companies continued to benefit from innovations in areas such as oncology and personalized medicine.