Over the last few years, the global pharmaceutical industry has undergone significant changes. In recent years, the cost of drugs has been increasing rapidly, a majority of which is contributed by funds allocated to research and development. According to a report published by Congressional Budget Office (CBO) in April 2021, titled, ‘Research and Development in the Pharmaceutical Industry,’ the U.S. pharmaceutical industry’s R&D expenditure in 2019 was nearly $83 billion, spanning a range of activities such as drug discovery, conducting clinical tests, and drug innovation, among others. Additionally, the report also states that the budget share allocated by pharmaceutical companies toward research and development has also increased. The following table shows a rough estimate of the annual R&D expenditure of pharmaceutical companies.

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