EFPIA, WifOR, Frank R. Lichtenberg
How innovation drives health and growth in Europe: Assessing the Return on Investment of innovative medicines
External resources
23 Jun 2026
EFPIA published a comprehensive study on the social and economic value of pharmaceutical innovation. Data shows that between 2014 and 2024 Europe’s investment of €11.67 billion in new medicines returned more than five times the amount in social, economic and hospital cost savings – equating to €66billion in total, including over €9billion in direct hospital savings.
The study examines impact on mortality and hospital utilisation and quantifies the economic returns based on three major disease areas in 29 European countries between 2014 to 2022. Conducted by WifOR Institute and authored together with Columbia University economist, Professor Frank R. Lichtenberg, the research challenges the perception of healthcare as simply a cost to be contained, and argues instead that policies should reflect the value that innovation brings to health systems and society.
