“It’s not often that a single product catapults a whole industry upward,” writes business newspaper Handelsblatt, but then again the product offered by German coronavirus vaccine developer BioNTech is no ordinary one. The BioNTech/Pfizer jab is one of the world’s two leading inoculations based on mRNA technology. And that’s paid off handsomely.
The company from the western German city of Mainz reports EUR 7.3 billion in turnover for the first half of 2021 and predicts revenues of EUR 16 billion for the entire year. Turnover for the entire pharmaceutical industry in Germany in the first half of 2021 was EUR 24.9 billion. The German Association of Research-Based Pharmaceutical Companies (VfA) says that BioNtech alone is responsible for 0.5 percent of the 3 percent growth in the sector predicted for 2021.
“Their success in developing a vaccine has given our industry a massive push, not just in terms of added value but also with a view toward experience in product development and production expansion,” VfA President Han Steutel told Handelsblatt.
According to BioNTech’s business report, the company signed more than 1200 contracts related to the vaccine with over 150 companies – or “more than five contracts per working day.” The VfA calculates that the number of locations in Germany working on coronavirus projects rose from 29 to 82 between April 2020 and July 2021.