More than half of senior executives (55%) in the pharmaceutical sector are more confident now than at the beginning of the year, according to a study of economic recovery.

The research, conducted by international law firm Eversheds, shows that the pharma sector is one of most optimistic areas of the global economy and has taken a proactive approach to combating the economic climate.

Eversheds’ Tools for Recovery report captured the views of more than 1000 senior business figures across China, the USA, Europe and the United Arab Emirates (UAE). The study found that, during the last 18 months, 55% of pharmaceutical businesses cut discretionary spending and 39% had to make redundancies.

It also revealed that pharma companies are planning to invest in three key areas over the next 12 months – changing products and services (48%), CRM activity (45%) and increasing staff reorganisations (45%).

Janet Knowles, partner and head of the Life Sciences team at Eversheds, said: “While economists have signalled the official ending of the recession, there is little doubt that challenging economic conditions persist. Despite this backdrop, most pharmaceutical companies have survived and even thrived.

“The findings show that businesses in this sector are more confident today than they were at the beginning of the year and are taking steps to tackle the challenging economic climate. There are encouraging signs of a general trend towards reducing cost-cutting measures in the year ahead and a greater desire to invest and focus on growth.”