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🧑‍💻 +43% IT Specialists. 93 Nuclear Reactors. Clinical Trials.

Chart of the Day #61 looks at ICT Specialists in the EU, Nuclear Reactors, and R&D expenditure in the Pharmaceuticals industry.

Håfa Adai 👋

The Nuclear Power and Energy Agency (NuPEA) of Kenya has launched a strategic plan to guide the construction of its first nuclear power plant over the next five years. The Food and Drug Administration approved Rezdiffra as the first-ever treatment for NASH liver disease that affects millions worldwide.

Today's Topics

🧑‍💻 ICT Specialists. 43% rise in ICT specialists in the EU
⚛️ Nuclear Reactors. 93 nuclear reactors in the US
💊 Pharmaceuticals. Extensive clinical trial investments in Europe

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🧑‍💻 43% Rise in ICT Specialists in the EU

Overall employment growth in the EU has been supported by immigration and more people returning to work, resulting in an overall increase in labor supply. Despite facing a temporary setback during the COVID-19 pandemic, labor market participation has resumed its upward trajectory, and the ICT sector, in particular, has seen rapid growth. The rise in the number of ICT specialists in the European Union (EU) can be attributed to the growing prominence and dependence on the technology industry. Sweden has the highest share of IT specialists in the EU due to its robust ICT and industrial internet industries. As the world evolves and becomes more digitalized, the demand for IT specialists to cater to various technological needs across sectors continues to grow.

⚛️ 93 Nuclear Reactors in the US

The global nuclear energy landscape is anchored by the US, which is home to the largest number of nuclear reactors worldwide. Despite this, France records the highest share of electricity generated through nuclear power, which is approximately 70% of its electricity mix.

A key advantage of nuclear power is its stability and low carbon emissions, which are useful in the fight against climate change. Unlike fossil fuels, nuclear energy produces minimal greenhouse gases during operation, positioning it as a cleaner option for power generation. The emergence of small modular reactors (SMRs) has the potential to enhance nuclear power's reach, potentially revolutionizing energy generation.

💊 Extensive Clinical Trial Investments in Europe

The majority of R&D expenditure by pharmaceutical firms is spent on clinical and pre-clinical trial stages. EU regulations for pharmaceutical drugs entail rigorous testing and cost-benefit analyses before they are released to the market. Clinical trials entail high costs due to the involvement of larger numbers of participants over extended periods of time, accounting for 44% of R&D expenditure.

Europe's pharmaceutical industry is encountering heightened competition from emerging economies, including China and Korea. These countries are experiencing rapid growth in both market size and research capabilities, leading to a migration of economic and research activities away from European markets. This trend underscores the need for European pharmaceutical firms to adapt to evolving global dynamics and remain competitive in an increasingly interconnected landscape.

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