Value share of pharmaceutical subsectors worldwide 2003 vs. 2021

* Value means value of the commercial side of the drug sector. Torreya estimates it at approximately $7.03 trillion. Of this, $6.1 trillion is associated with publicly-traded companies.
In this statistic “Big pharma” is classified as the 18 largest companies in the sector by value. The biotech sector seems smaller than some might have expected. This is because we classify a company with no approved product as a “biotechnology company” and a company with a marketed product that is not a big pharma, not a Japan pharma nor a China branded generic pharma as a branded pharma company. Thus, many companies (think Incyte or Biogen) that some would think of as biotech are classified by us as branded pharma.