The global pharmaceutical industry raked in over $1.27 TRILLION U.S. dollars in 2020.

The COVID pandemic proved to be a very lucrative opportunity for the pharmaceutical industry.

Big Pharma made tremendous profits from the pandemic.

The pandemic had an unprecedented impact on the world in 2020.

While there was a major disruption in clinical trial activity, research and development remained at historically high levels for the pharmaceutical industry in 2020.

This was mainly driven by new funding and strategic business transactions.

Vaccine manufacturers such as Pfizer, Moderna, and Johnson & Johnson have seen record profits after developing the breakthrough mRNA vaccine.

The government funded the creation of the vaccine.

Moderna received $2.5 billion in federal aid, while Johnson & Johnson received over one billion.

This led to many pharma companies successfully developing drugs and vaccines against Covid-19 and rolled these out across the world. Many companies were able to meet their financial expectations last year as medicines kept reaching patients, despite lockdowns and social distancing.

Fuelled by new product launches and an aging population, the global pharmaceutical industry continues to grow and was up by an impressive $1.27 trillion in 2020.

Despite disruptions caused by the pandemic, the FDA approved 53 new drugs and biologics in 2020, surpassing the 48 new entities  approved in 2019.

This was the second-highest level of approvals in the last 1o years.

The United States makes up only 5% of the world’s population, yet consumes 80% of painkillers produced.