Bìznes Inform (Jan 2023)
The Place of the European Union Countries in the Global Pharmaceutical Market
Abstract
The purpose of the article is to determine the current state, features and prospects of development of the European Union countries in the global pharmaceutical market. The article presents the main indicators of the EU pharmaceutical sector in 2000-2021. It is determined that the pharmaceutical industry remains a key factor in the development of the economy of many European countries and is one of the most knowledge-intensive sectors of the economy. It is found that in 2021 in the production of pharmaceutical products among the EU Member States, the leaders were Italy, Germany, France and Belgium. Indicators of the share of leading exporters and importers in international trade in pharmaceutical products in 2021 are presented. The EU countries occupy leading positions in international trade in pharmaceutical products. In the global market, the leading exporter of pharmaceutical products in recent years is Germany. The indicators of foreign trade in pharmaceutical products of the EU from 2002 to 2021 are considered. It is found that the share of trade in pharmaceutical products in the EU’s total foreign trade is gradually growing. In 2021, the EU’s main trading partner for pharmaceutical products was the USA and Switzerland. To measure the identified comparative advantages of EU countries in the pharmaceutical sector, the article calculates an index of identified comparative advantages. The result shows that the export potential of the pharmaceutical industry in 16 EU countries is realized, and 11 countries still do not have a comparative advantage. It is determined that the COVID-19 pandemic has an ambiguous impact on the EU pharmaceutical market. On the one hand, COVID-19 can be seen as a great opportunity for the EU pharmaceutical industry, on the other hand, the pandemic has created significant risks for the pharmaceutical sector. It is defined that the prospects for the participation of the EU countries in the global pharmaceutical market and the priority vectors of development of the European pharmaceutical sector depend, first of all, on legislation and on demographic changes.
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