This content is relevant for:Coronavirus / Pharmaceuticals / Medical Biotechnology
Your company is already operating in Germany and you would now like to export worldwide?
Germany’s pharmaceutical industry is expected to enjoy sales growth of eight percent in the coming year according to vfa, the German Association of Research-based Pharmaceutical Companies. Production is forecast to grow by three percent during the same period, with the workforce set to grow by three percent to more than 122,000 by the end of 2022.
According to vfa president Han Steutel, Biontech’s success in bringing the world’s first approved coronavirus vaccine to market has had direct and indirect positive effects for the domestic pharmaceutical industry.
“Not only has production by German companies increased, but foreign companies such as AstraZeneca and Johnson & Johnson are increasingly having production here.” - Han Steutel, vfa president
The success of the Biontech vaccine has created a huge opportunity, with the domestic pharmaceutical industry recording a rapid upswing in sales and production according to the vfa.
Research and development spending of EUR 7.8 billion in 2020 makes the pharma industry the strongest R&D sector in the country according to the industry association. The German Chemical Industry Association (VCI) concurs that the coronavirus pandemic provides the country with an opportunity to consolidate its position as the world’s pharmacy. In 2020, the pharmaceutical industry generated turnover of EUR 47.2 billion, with most medicines created for export.