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Infographic: R&D Spending Growth of Top Pharma Companies
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This graphic visualizes R&D spending growth (or decline) from 2022 to 2023 for major pharmaceutical companies. Data was sourced from the Global Innovation Index 2024, an annual report produced by the World Intellectual Property Office (WIPO).
A key takeaway from this dataset is that Eli Lilly, Novartis, and Merck all increased their R&D spending by over 20%.
Data and Highlights
The data featured in this infographic is also listed in the table below. Note that this is not an exhaustive list of companies, with one notable exclusion being Novo Nordisk, the maker of Ozempic.
| Country | Company | R&D Spending Change (%) |
|---|---|---|
| 🇺🇸 US | Eli Lilly | 29.5 |
| 🇨🇭 Switzerland | Novartis | 24.0 |
| 🇺🇸 US | Merck | 21.7 |
| 🇯🇵 Japan | Takeda Pharmaceutical | 15.9 |
| 🇺🇸 US | Gilead Sciences | 14.5 |
| 🇩🇪 Germany | Boehringer Sohn | 14.3 |
| 🇬🇧 UK | GSK | 13.4 |
| 🇬🇧 UK | AstraZeneca | 10.0 |
| 🇺🇸 US | AbbVie | 8.5 |
| 🇺🇸 US | Johnson & Johnson | 3.3 |
| 🇫🇷 France | Sanofi | 0.3 |
| 🇨🇭 Switzerland | Roche | -0.1 |
| 🇺🇸 US | Bristol-Myers Squibb | -2.2 |
| 🇺🇸 US | Pfizer | -7.4 |
| 🇩🇪 Germany | Bayer | -18.3 |
As mentioned before, Eli Lilly, Novartis, and Merck have reported the biggest R&D increases out of this group.
Eli Lilly is currently the world’s most valuable healthcare company and a pioneer in diabetes and weight loss drugs. One of its newest drugs, Zepbound (tirzepatide), is an injectable prescription medicine for obesity similar to Novo Nordisk’s Ozempic (semaglutide).
The weight-loss market is one of the hottest and most lucrative in healthcare, with a slew of new drugs from various companies coming in the next few years.
One such company is Merck, which is looking to steal market share with next-gen weight loss therapies that offer additional cardiometabolic benefits. According to company statements, Merck is also focusing on oral drugs, rather than injectables.
Meanwhile, Novartis is focusing its R&D efforts on cancer therapies. The company’s CEO recently said in an interview that his company would not be entering the “frenzy” of weight loss drugs.
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