R&D Spending Growth Among Top Pharma Companies 💊

What we’re showing

This graphic shows how R&D spending has changed for major pharmaceutical companies, from 2022 to 2023.

Data is sourced from the Global Innovation Index 2024, an annual report produced by the World Intellectual Property Office (WIPO).

Key takeaways

Eli Lilly, Novartis, and Merck all increased their R&D spending by over 20% in 2023. 

Eli Lilly is the world’s most valuable healthcare company and a pioneer in diabetes & weight loss drugs. One of its newest drugs, Zepbound (tirzepatide), is an injectable prescription medicine for obesity similar to Novo Nordisk’s Ozempic (semaglutide).

Merck is looking to steal market share with next-generation weight loss therapies that offer additional cardiometabolic benefits. According to company statements, Merck is focusing on oral drugs rather than injectables.

Meanwhile, Novartis is focusing its R&D efforts on cancer therapies. The company’s CEO recently said in an interview that his company would not be entering the “frenzy” of weight loss drugs.