PHARMACEUTICAL INDUSTRY AND ECONOMIC GROWTH: AN EMPIRICAL APPROACH TO THE RELATIONSHIP

Abstract

This article explores a relationship between the pharmaceutical industry and economic growth. In this case, the relationship between the pharmaceutical industry and economic growth has been determined using a «contingency table» and its impact on economic growth is based on the Kerrich method. The advantage of using the Kerrich method in the article is scientifically justified. The study used the chi-square statistic and the Chuprov coefficient. The relationship between the pharmaceutical industry and economic growth has been investigated using the chi-square statistics. Empirical analyzes have confirmed that there is an important link between the pharmaceutical industry and economic growth. The scientific conclusions made as a result of the empirical analysis has shown that it is possible to ensure steady economic growth rates through the development of the pharmaceutical industry in the country.