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The research-based pharmaceutical industry can
play a critical role in restoring Europe to growth and
ensuring future competitiveness in an advancing
global economy. In 2016 it invested an estimated €
35,000 million in R&D in Europe. It directly employs
some 745,000 people and generates three to four
times more employment indirectly – upstream and
downstream – than it does directly. However, the
sector faces real challenges. Besides the additional
regulatory hurdles and escalating R&D costs, the
sector has been severely hit by the impact of fi scal
austerity measures introduced by governments
across much of Europe since 2010.
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