Allianz安联：2024年如释“重负”：GLP-1治疗如何重塑制药业及其他领域研究报告（英文版）

GLP-1: Pharma‘s secret recipe for success. Historically, the pharmaceutical sector has spent most of its research and development capital on oncology and immunology (around EUR30bn and EUR20bn annually, respectively). These treatment areas generate the largest revenues (46% of total global sales in 2023, Figure 1) and hence also benefit from the largest investment growth rate (between +10% and +15% in 2023). Nonetheless, diabetes and obesity have recently become the new bright spots for the s