Anticipated Sales Boost and Job Creation by Pharmaceutical Firms by 2025, Amid Customs Challenges
Pharma industry bucking trends: Expecting revenue boost and 1,100 new jobs by 2025, despite trade uncertainties
Shaking up the economic landscape, the pharmaceutical sector is anticipating a revenue surge and job creation this year. The Research-Based Pharmaceutical Association (VRP) announced on Wednesday their members anticipate a 2.5% increase in revenue and are planning to create approximately 1,100 new jobs. However, their outlook is clouded by potential U.S. tariffs.
So far, drugs and medical supplies have steered clear of President Donald Trump's trade policies. Yet, Trump has hinted at imposing tariffs on medications and medical products. This could have prompted U.S. companies to hoard supplies and speed up imports in recent weeks, as suggested by U.S. trade data.
On a positive note, the VRP sees robust demand for pharmaceuticals across Europe and the global marketplace. As a consequence, they predict a 2.9% production increase for the year. Investment in the sector is also expanding, especially in research and development, according to the VRP.
Notably, VRP chief economist Claus Michelsen called for politics to step up: “For long-term competitiveness, we need targeted support for key industries like pharma, reduction of red tape, and massive infrastructure investments,” he stated.
The anticipated growth in the pharmaceutical industry is primarily driven by technological advancements and pipeline productivity. Further, job creation is fueled by the digital transformation and expansion of biologics. Despite trade risks, the industry's focus on innovation and regulatory alignment ensures resilience. U.S. policies are fortifying domestic capacity, while European demand is catalyzing digital and sustainable practices.
- Amid trade uncertainties, the Community policy and the employment policy should consider targeted support for the pharmaceuticals industry to ensure its resilience and competitiveness in the long term.
- The employment policy should take note of the pharmaceutical sector's anticipated 2.5% increase in revenue and the creation of 1,100 new jobs by 2025, as this growth is largely driven by advancements in technology and pipeline productivity.
- The employment policy should also focus on the digital transformation and expansion of biologics in the pharmaceuticals industry, as these areas are key drivers of job creation.
- The VRP's outlook for the industry in 2025 is positive, with a predicted 2.9% production increase, due to robust demand for pharmaceuticals across Europe and the global marketplace. This growth is further supported by expanding investment in research and development.