Words by GOLD newsdesk
The pharmaceutical industry was the fastest growing industry in 2021 due to the development of COVID-19 tests and vaccines, according to the Brand Finance Global 500 2022 Report.
The number of pharma brands in the ranking has doubled from four to eight, with brand value increasing by 94% to $54.0bn. Each of these eight brands is now more valuable than they were in 2020, with those that produced COVID-19 vaccinations seeing the biggest increases. Johnson & Johnson remains the most valuable, with a 24% brand value increase to $13.4bn. AstraZeneca – one of the new entrants – was found to be the sector’s fastest-growing, with a 77% rise in brand value to $5.6bn, followed by Pfizer as the second fastest-growing at 58%, pushing its brand value to $6.3bn.
“The production of effective vaccines has been integral to getting the global economy back on its feet,” commented David Haigh, Chairman and CEO of Brand Finance. “This has resulted in not only an increase in revenues, but also improved global awareness and reputation for brands in the pharmaceutical industry, which raises interesting questions about their potential applicability in adjacent sectors.”
When ranked by reputation, the pharma industry came in joint eighth place with a ranking of 7.2 out of 10 alongside supermarkets, oil and gas, and restaurants.
Brand Finance predicts a “major brand evolution” in the pharma sector over the coming months and years due to the trend of separating pharmaceutical and consumer health divisions.
Also noted in the Brand Finance Global 500 2022 Report, the technology industry took the top spot as the most valuable industry, with a cumulative brand value of close to $1.3tn. UK brands performed well, with the combined value rising by 47% to $257.1bn – the fastest level of growth among the top 10 countries in 2021 – and partly driven by the addition of AstraZeneca on the ranking, as well as a reduction in uncertainty over Brexit. Brands from the United States and China dominate, with over two-thirds of the total brand value in the ranking attributable to the two countries – the US accounting for 49% (US$3.9 trillion) and China for 19% (US$1.6 trillion).