HE Spanish pharmaceutical industry He managed to beat the record after the pandemic. automobile industry like The locomotive of Spain’s exports. At a time when prescriptions for overcoming previous crises (public spending, deficit, role of sectors) had to be reviewed, the large Spanish auto sector has lost momentum in recent years with the pace of electrification, the international trade crisis and the slowdown. sales. According to the BBVA Research report, specialty drug export outperformed motor vehicles: “Representing around 13,000 million euros in 2019 (5.1% of the total) to over 25,000 million euros (9.6%) in 2022. Other sectors with a similar evolution are medicine and dental instruments and materials. Exports of cleaning materials, which increased by 10% in the same period and are now close to 1% of the total (about 20% compared to 4 years ago, 1.3% of the total)” says.
BBVA Research confirms increased outsourcing Spanish economy Regarding the evolution of the rest of Europe. Thus, “In 2019-2022, sales of goods abroad performed similar to that observed in the rest of Europe (5.4% compared to 8.1% recorded in Europe), while exports of services showed the largest increase (Spain). +33.9% compared to 10.1% in .
The key to the Spanish pharmaceutical industry has been its rapid adaptation to the context derived from the coronavirus pandemic. Pharmaceutical specialties accounted for 5% of pre-pandemic merchandise exports, increasing to 9.5% in 2022. Meanwhile, the automotive sector experienced a 20% decline in foreign sales. As second-hand vehicle sales increase, the automobile industry is forced to seek new incentives to change vehicles, apart from electrification support.
Value added
The pharmaceutical sector has become one of the sectors with the highest added value in Europe. The sector invests 41,500 million Euros in research and directly employs around 840,000 people. According to data from the employers’ association Farmaindustria, it produces €300,000 million, exports €565,000 million and contributes €175,000 million to the trade balance of the 27 EU.
As is traditional in the Spanish economy, its main pillars are domestic consumption (preceded by tourism) and exports. And right now these are still keys. As a result, the weight of exports in GDP increased from 34.5% to 39% in real terms (from 34% to 42.4% in nominal terms). The BBVA Research notes that the main difference lies in the increase in sales of services abroad (+33.9% vs. 10.1%), as the development of “Spain’s exports (+12.9%) compared to the Eurozone (9%) goods performed relatively poorly (5.4% compared to 8.1%) In real terms, goods represented 23.7% of GDP to 25% and services fell from 10.8. to 14.5%.