Export growth increasingly depends on pharmaceuticals

Swiss exports hit a record CHF210 billion ($211 billion) last year and the pharmaceutical sector was one of the big drivers. However, this tremendous growth is largely down to higher prices for medicines, a trend that has been criticized by some circles. While watchmakers, the machine-tool industry and tourism officials continue to struggle, the Swiss pharma industry appears to be leading the way, seemingly unaffected by the strong Swiss franc and global economic turbulence. Despite a slowdown last year, the 250 pharma businesses that make up the sector in Switzerland boasted record figures, exporting over CHF80 billion worth of drugs and other products – a 15% increase compared to the previous year. The pharma industry, which has been present in Switzerland for almost 150 years, now represents almost 40% of the total value of all Swiss exports. If combined with the chemicals industry, together they are responsible for almost one out of every two Swiss ...