Spain’s pharmaceutical trade deficit triples to €4.439 billion

Imports exceed exports by €4.439 billion

Spain’s pharmaceutical trade deficit more than tripled in 2024, highlighting the country’s growing reliance on imported medicines. The shortfall widened from €995 million in 2023 to €4.439 billion in 2024, according to figures from the European pharmaceutical industry association EFPIA reported by El Español.

Pharmaceutical imports reached €23.046 billion in 2024, compared with exports of €18.607 billion. The resulting gap was Spain’s largest pharmaceutical trade deficit of the past decade and the second-highest negative balance among the European countries covered by the data.

Poland recorded a larger deficit of €6.584 billion. Spain was followed by Romania at €4.247 billion, Turkey at €3.262 billion, Ukraine at €2.668 billion, Norway at €1.816 billion and Greece at €1.308 billion. The figures point to substantial differences between Europe’s major pharmaceutical production centers and markets that depend more heavily on external supplies.

Innovative medicines drive external dependence

Spain’s import exposure includes innovative medicines, biological therapies, oncology treatments and active pharmaceutical ingredients. This reliance leaves domestic buyers and healthcare providers more exposed to geopolitical disruptions and changes in trade policy, particularly when products or essential inputs are concentrated in a limited number of foreign markets.

El Español also warned that geopolitical tensions involving the Middle East and Ukraine could put further pressure on Spain’s pharmaceutical balance. The publication reported that Donald Trump had announced tariffs of 200% on generic medicines from 2028. Such barriers could also affect European and Spanish plants that export significant volumes of active ingredients and generic drugs to the United States, although India remains the dominant source of generic medicines.

Europe invests more but loses innovation share

The deterioration in Spain’s balance comes as Europe’s pharmaceutical industry continues to expand. EFPIA data show that the sector invested €60 billion in research and development in 2025, up 6.4% from the previous year. European medicine production was valued at €505 billion, while exports reached €815 billion, representing annual increases of 9% and 10.7%, respectively. The industry directly employed about 955,000 people, including 125,000 in research and development.

Yet Europe’s position in global pharmaceutical innovation has weakened. Of 104 new active substances launched worldwide in 2025, 46 came from companies based in China or Hong Kong, 28 from US companies and 16 from European companies. Japan accounted for five and other countries for nine. In the early 1990s, Europe originated 37% of new medicines, compared with 25.6% for the United States.

The market has also shifted toward North America. The United States and Canada represented 54.7% of global pharmaceutical sales in 2025, against Europe’s 23.7%. For medicines launched between 2020 and 2024, the United States accounted for 74.1% of sales, while Germany, France, Italy, Spain and the United Kingdom together represented 15.6%. Decisions on EU pharmaceutical legislation, biotechnology policy, intellectual property and patient access will therefore influence whether Spain and the wider European industry can attract investment, strengthen production and reduce supply dependence.