Germany seen as the leader of European pharma industry
The rankings were compiled for the CPhI Annual Report and the release of certain statistics showed that Germany was regarding as the strongest market in Europe, ahead of CPhI Worldwide being held in Frankfurt.
The data was drawn from over 350 pharma companies to produce a ‘Pharma Index’ on the perception of pharma economies across certain criteria.
In this case, Germany scored highly on active pharmaceutical ingredient (API) manufacturing, competitiveness, innovation, finished product manufacturing, and growth potential.
Orhan Caglayan, brand director at CPhI Worldwide, highlighted that Germany’s reputation on API manufacture actually ranked as the highest across Europe and it is the third year running that the country has held this position.
However, the Index noted one particular shift in relation to the German market – the perception that the market could be well poised for further growth.
The market’s rating, in this regard, rose by 11% from 2018 figures, with the report authors suggesting that this could be a result of the likely impact of Brexit on the UK, another high-ranking market in Europe.
With the UK still gripped by uncertainty and making contingency plans in the event of a ‘hard Brexit’, a drop in the growth potential of the UK market correlated with a rise in the perception of the potential in the German market, according to those behind the Index.
Investment in the country has shown strong signs in recent years, with such activity coming either from Germany-headquartered companies, including Merck KGaA and Merz, or from other markets, as companies look to gain a foothold in Europe.