Investment in innovative medicines should be regarded not merely as a healthcare expenditure but as a driver of substantial social and economic value. This is the key finding of EFPIA’s latest comprehensive study on the value of pharmaceutical innovation, published in June 2026. According to the report, Europe invested €11.67 billion in innovative medicines between 2014 and 2024. Over the same period, these investments generated an overall impact of more than €66 billion, with returns reaching up to six times the original investment.
Health and economic benefits
Beyond improving patient outcomes, the study highlights the broad societal benefits associated with newly approved medicines. Across 29 European countries, their use is linked to 1.83 million fewer years of life lost before the age of 85 and 20.9 million fewer hospital days. The economic impact is equally significant. Innovative medicines are estimated to have generated €38 billion in workforce productivity, €19 billion in unpaid contributions – reflecting the value of informal care and other unpaid activities – and €9 billion in hospital cost savings. Among the therapeutic areas analysed, oncology delivered the highest return, with every euro invested in cancer medicines generating €6.80 in value. Medicines for diabetes and metabolic diseases also showed particularly strong returns.
EFPIA’s recommendations
Based on these findings, EFPIA calls on policymakers to recognise pharmaceutical innovation as an investment rather than a cost to healthcare systems. The report also stresses the importance of ensuring timely and equitable access to innovative medicines across Europe by streamlining approval, reimbursement and uptake pathways. In addition, EFPIA urges coordinated policy action to strengthen Europe’s life sciences ecosystem and enhance the region’s long-term competitiveness and innovation capacity.