HONOLULU — The pharmaceutical industry is expected to pay $1.5 billion more in 2018 for health care professionals than last year, according to a report released Tuesday.
The Pharmaceutical Research and Manufacturers of America’s Healthcare Research and Development Institute said the $1 billion increase for 2018 is the result of new pharmaceutical payments that began last year and will be phased in over the next three years.
It said the industry expects to spend more on pharmacists and other healthcare professionals.
The industry expects more spending on pharmacist and other health care personnel, the report said.
More:The average pharmacist is currently earning $64,000, up from $57,000 last year.
In 2019, pharmacists will earn an average of $84,000.
The average physician is currently making $62,000 and will earn $62 per hour in 2020, up 14.4 percent from last year’s $61,500.
The pharmaceutical sector is also expected to see its annual sales rise 1.3 percent to $10.3 trillion in 2020 from $10 trillion last year as more companies join the race to make drugs that can treat a wide range of ailments.
The sector is expected spend $1 trillion this year on drugs, up 6.3 percentage points from $1,063 billion in 2019.
The report is based on industry data compiled by Bloomberg, the National Association of Manufacturers, and the American Association of Healthcare Personnel.