![]() Soon after the COVID-19 pandemic hit the world with full force, it became clear that without new therapies and particularly vaccines the world would be stuck in a permanent cycle of lockdowns and crises. The expiration of a product patent can result in a significant reduction in revenues, as experienced by Pfizer’s Lipitor from 2012 onwards. ![]() However, the loss of patent protection can have serious consequences, and competition from generic drugs is a major challenge for companies. The discovery of new drugs is vital for the continued growth of pharma companies, and sales of new branded drugs can provide sizeable contributions to total revenues. This share can be much higher at companies that specialize in research and generate low sales. More than any other industry, the pharmaceutical sector is highly dependent on research and development, with companies investing around 20 percent or more of their sales revenues in R&D projects. Some of the biggest European companies are Novartis, Roche, GlaxoSmithKline, and Sanofi. However, projected pharmaceutical sales show that the established markets of North America and Europe will still be leading the way in 2025. China has become one of the main players in the industry, and annual growth rates of the emerging pharma market have been strong in recent years. Many of the leading pharma companies come from the United States, and, therefore, it is no surprise that the country has the largest national pharmaceutical market worldwide. Other top global players from the United States include Johnson & Johnson, Merck & Co., and AbbVie. However, the company saw a heavy drop in revenues in the preceding year, after the spin-off of its Upjohn generics business. The company, which has its global headquarters in New York City, generated total revenues of more than 81 billion U.S. Based on the prescription drugs market, Pfizer is one of the world’s leading pharmaceutical companies. The pharma industry is comprised of some major multinational companies.
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