Healthcare
Visualizing the World’s Biggest Pharmaceutical Companies
Who are the World’s Biggest Pharmaceutical Companies?
Some of the world’s biggest pharmaceutical companies have played a central role in the COVID-19 pandemic.
However, it’s likely no surprise that the pandemic has also been great for many healthcare businesses. In fact, in 2020 alone, the world’s 50 largest pharmaceutical companies still combined for a whopping $851 billion in revenues.
In this graphic, using data from Companies Market Cap, we list the largest pharmaceutical companies in the world by market capitalization. It’s worth noting this list also includes healthcare companies that work closely with pharmaceuticals, including biotech, pharmaceutical retailers, clinical laboratories, etc.
Editor’s Note: A previous version of this graphic was missing some key companies such as GSK and AbbVie. They were unfortunately not included in the original source and we are now working to make sure there were no other smaller omissions. Thanks to all that sent in corrections.
The Pharmaceutical Leaders
To start, here are the top five biggest pharmaceutical companies in the world at the moment by market capitalization:
1. Johnson & Johnson
The pharmaceutical and consumer goods giant is worth $428.7 billion in market cap. They developed the third vaccine authorized for use in the U.S. and were named among the TIME100 Most Influential Companies List in 2021.
2. Roche
The Swiss pharmaceutical giant is at the forefront of oncology, immunology, infectious diseases, ophthalmology, and neuroscience. In 2019, Roche’s pharma segment sales rose by a healthy 16% to $53 billion.
3. Pfizer
Despite being the leading COVID-19 vaccine manufacturer in North America, Pfizer slid in the rankings to third place. The company has recently gained momentum, especially in the past quarter, with Q2’2021 revenues of $19.0 billion, reflecting a 86% operational growth from 2020.
4. Eli Lilly
Eli Lilly has taken a significant step towards establishing itself as a pharmaceutical industry leader. Having a market cap value of $125 billion in 2019, Eli Lilly has jumped to a current value of $214.9 billion, a significant growth of 72%.
5. Novartis
The second-biggest pharmaceutical company out of Switzerland, Novartis has been the face of the pharma industry for about 25 years. The primary manufacturer for the most recognizable drugs on the market pulled in a revenue of over $48 billion in 2020, a 3% increase compared to 2019.
Here’s how all the biggest pharmaceutical companies in the world stack up against each other:
Company Rank | Company Name | Market Cap Value | Country |
---|---|---|---|
1 | Johnson & Johnson JNJ | $428.66 B | 🇺🇸 USA |
2 | Roche RHHBY | $320.41 B | 🇨🇭 Switzerland |
3 | Pfizer PFE | $219.39 B | 🇺🇸 USA |
4 | Eli Lilly LLY | $208.99 B | 🇺🇸 USA |
5 | Novartis NVS | $207.70 B | 🇨🇭 Switzerland |
6 | AbbVie ABBV | $202.60 B | 🇺🇸 USA |
7 | Merck MRK | $191.67 B | 🇺🇸 USA |
8 | Novo Nordisk NVO | $187.83 B | 🇩🇰 Denmark |
9 | Astrazeneca AZN | $152.28 B | 🇬🇧 UK |
10 | Bristol-Myers Squibb BMY | $145.80 B | 🇺🇸 USA |
11 | Amgen AMGN | $136.50 B | 🇺🇸 USA |
12 | Sanofi SNY | $130.37 B | 🇫🇷 France |
13 | CVS Health CVS | $110.49 B | 🇺🇸 USA |
14 | GlaxoSmithKline GSK | $104.30 B | 🇬🇧 UK |
15 | CSL CSL.AX | $103.10 B | 🇦🇺 Australia |
16 | Gilead Sciences GILD | $83.62 B | 🇺🇸 USA |
17 | Moderna MRNA | $83.25 B | 🇺🇸 USA |
18 | Merck KGaA MRK.DE | $80.61 B | 🇩🇪 Germany |
19 | Bayer BAYZF | $59.43 B | 🇩🇪 Germany |
20 | Jiangsu Hengrui Medicine 600276.SS | $58.51 B | 🇨🇳 China |
21 | Regeneron Pharmaceuticals REGN | $55.83 B | 🇺🇸 USA |
22 | Biogen BIIB | $55.00 B | 🇺🇸 USA |
23 | BioNTech BNTX | $54.23 B | 🇩🇪 Germany |
24 | Takeda Pharmaceutical TAK | $52.67 B | 🇯🇵 Japan |
25 | Lonza LONN.SW | $52.16 B | 🇨🇭 Switzerland |
26 | Walgreens Boots Alliance WBA | $45.05 B | 🇺🇸 USA |
27 | Celltrion 068270.KS | $33.80 B | 🇰🇷 S. Korea |
28 | Astellas Pharma ALPMF | $33.42 B | 🇯🇵 Japan |
29 | BeiGene BGNE | $31.65 B | 🇨🇳 China |
30 | Eisai 4523.T | $31.20 B | 🇯🇵 Japan |
31 | West Pharma WST | $26.59 B | 🇺🇸 USA |
32 | Hansoh Pharma 3692.HK | $26.00 B | 🇨🇳 China |
33 | LabCorp LH | $25.97 B | 🇺🇸 USA |
34 | Otsuka Holdings 4578.T | $23.15 B | 🇯🇵 Japan |
35 | Horizon Therapeutics HZNP | $21.13 B | 🇮🇪 Ireland |
36 | Alnylam Pharmaceuticals ALNY | $20.42 B | 🇺🇸 USA |
37 | kyowa Kirin 4151.T | $18.85 B | 🇯🇵 Japan |
38 | Catalent CTLT | $18.74 B | 🇺🇸 USA |
39 | Sino Biopharmaceutical 1177.HK | $18.48 B | 🇭🇰 Hong Kong |
40 | Bio-Techne TECH | $17.25 B | 🇺🇸 USA |
41 | PPD PPD | $16.26 B | 🇺🇸 USA |
42 | Argenx ARGX | $16.03 B | 🇳🇱 Netherlands |
43 | Shionogi 4507.T | $15.29 B | 🇯🇵 Japan |
44 | Dr. Reddy's RDY | $11.88 B | 🇮🇳 India |
45 | Teva Pharmaceutical Industries TEVA | $11.21 B | 🇮🇱 Israel |
46 | Ono Pharmaceutical 4528.T | $11.12 B | 🇯🇵 Japan |
47 | ICON plc ICLR | $11.09 B | 🇮🇪 Ireland |
48 | Bausch Health BHC | $10.47 B | 🇨🇦 Canada |
49 | CRISPR Therapeutics CRSP | $10.42 B | 🇨🇭 Switzerland |
50 | Curevac CVAC | $10.33 B | 🇩🇪 Germany |
51 | Hualan Biological Engineering 002007.SZ | $10.31 B | 🇨🇳 China |
52 | Vifor Pharma VIFN.SW | $9.49 B | 🇨🇭 Switzerland |
53 | Neurocrine Biosciences NBIX | $9.45 B | 🇺🇸 USA |
54 | Sinopharm 1099.HK | $9.42 B | 🇨🇳 China |
55 | BridgeBio Pharma BBIO | $8.89 B | 🇺🇸 USA |
56 | Cadila Healthcare CADILAHC.NS | $8.59 B | 🇮🇳 India |
57 | Sumitomo Dainippon Pharma 4506.T | $8.16 B | 🇯🇵 Japan |
58 | Tilray TLRY | $7.89 B | 🇨🇦 Canada |
59 | Ascendis Pharma ASND | $7.51 B | 🇩🇰 Denmark |
60 | Evotec EVT.F | $7.19 B | 🇩🇪 Germany |
61 | Lupin Limited LUPIN.NS | $7.04 B | 🇮🇳 India |
62 | Gland Pharma GLAND.NS | $7.01 B | 🇮🇳 India |
63 | Exelixis EXEL | $6.95 B | 🇺🇸 USA |
64 | GW Pharmaceuticals GWPH | $6.81 B | 🇬🇧 UK |
65 | KOBAYASHI Pharmaceutical 4967.T | $6.78 B | 🇯🇵 Japan |
66 | Torrent Pharmaceuticals TORNTPHARM.NS | $6.61 B | 🇮🇳 India |
67 | Biocon BIOCON.NS | $6.43 B | 🇮🇳 India |
68 | PeptiDream 4587.T | $6.32 B | 🇯🇵 Japan |
69 | Sarepta Therapeutics SRPT | $6.25 B | 🇺🇸 USA |
70 | Perrigo PRGO | $6.21 B | 🇮🇪 Ireland |
71 | Orion Corporation ORNAV.HE | $6.11 B | 🇫🇮 Finland |
72 | Lundbeck LDB.F | $6.04 B | 🇩🇰 Denmark |
73 | AbCellera ABCL | $5.87 B | 🇨🇦 Canada |
74 | Adaptive Biotechnologies ADPT | $5.69 B | 🇺🇸 USA |
75 | Intellia Therapeutics NTLA | $5.62 B | 🇺🇸 USA |
76 | Santen Pharmaceutical 4536.T | $5.49 B | 🇯🇵 Japan |
77 | Nippon Shinyaku 4516.T | $5.46 B | 🇯🇵 Japan |
78 | Beam Therapeutics BEAM | $5.43 B | 🇺🇸 USA |
79 | Reata Pharmaceuticals RETA | $5.15 B | 🇺🇸 USA |
80 | Swedish Orphan Biovitrum SOBI.ST | $5.13 B | 🇸🇪 Sweden |
81 | BB Biotech BION.SW | $5.08 B | 🇨🇭 Switzerland |
82 | Alkem Laboratories ALKEM.NS | $5.00 B | 🇮🇳 India |
83 | Abbott India ABBOTINDIA.NS | $4.69 B | 🇮🇳 India |
84 | Laurus Labs LAURUSLABS.NS | $4.44 B | 🇮🇳 India |
85 | Taisho Pharmaceutical 4581.T | $4.39 B | 🇯🇵 Japan |
86 | Hanmi Pharmaceutical 008930.KS | $4.22 B | 🇰🇷 S. Korea |
87 | Alkermes ALKS | $3.87 B | 🇮🇪 Ireland |
88 | Karuna Therapeutics KRTX | $3.71 B | 🇺🇸 USA |
89 | Shinpoong Pharm 019170.KS | $3.65 B | 🇰🇷 S. Korea |
90 | NantKwest NK | $3.55 B | 🇺🇸 USA |
91 | Ipca Laboratories IPCALAB.NS | $3.41 B | 🇮🇳 India |
92 | Nektar Therapeutics NKTR | $3.02 B | 🇺🇸 USA |
93 | BioCryst Pharmaceuticals BCRX | $3.01 B | 🇺🇸 USA |
94 | Vericel VCEL | $2.96 B | 🇺🇸 USA |
95 | Dicerna Pharmaceuticals DRNA | $2.84 B | 🇺🇸 USA |
96 | Rocket Pharmaceuticals RCKT | $2.74 B | 🇺🇸 USA |
97 | Axsome Therapeutics AXSM | $2.65 B | 🇺🇸 USA |
98 | Natco Pharma NATCOPHARM.NS | $2.63 B | 🇮🇳 India |
99 | Alembic Pharmaceuticals APLLTD.NS | $2.59 B | 🇮🇳 India |
100 | Editas Medicine EDIT | $2.54 B | 🇺🇸 USA |
World’s Largest Pharmaceutical Exporters and Importers
According to the World Trade Organization (WTO), these countries exported the most number of pharmaceuticals in the year 2019:
Rank | Country | Export Value (US$B) |
---|---|---|
1 | 🇩🇪 Germany | $91.4 |
2 | 🇨🇭 Switzerland | $84.8 |
3 | 🇺🇸 U.S. | $55.7 |
4 | 🇧🇪 Belgium | $55.7 |
5 | 🇮🇪 Ireland | $55.4 |
In contrast, here are the biggest importers over the same period.
Rank | Country | Import Value (US$B) |
---|---|---|
1 | 🇺🇸 U.S. | $132.4 |
2 | 🇩🇪 Germany | $59.4 |
3 | 🇧🇪 Belgium | $47.3 |
4 | 🇨🇳 China | $35.7 |
5 | 🇳🇱 Netherlands | $33.5 |
This position is hardly surprising for the U.S., where six of the world’s top 10 pharmaceutical companies are headquartered. The country also captures 45% of the global market.
The Future of Pharmaceutical Companies
If the response to the COVID-19 pandemic has taught us anything, it is that in building a patient-centered future, the pharmaceutical industry plays a key role. It has to constantly find new ways to customize medicines while researching and developing new tools and drugs.
By embracing disruptive technologies like 3D printed drugs, artificial intelligence guided therapies, and preventive medicine while working with regulatory agencies, the pharmaceutical companies will benefit from having a digital revolution.
Furthermore, emerging markets will have a more significant say in the global pharmaceutical market in the coming years. Even though ‘big pharma’ will keep raking in the massive profits they do every year, their reliance on countries like Brazil and India for research and drug production will significantly impact the years to come.
Healthcare
Charted: Average Years Left to Live by Age
Visualizing the number of years left to live for Americans at every age, reveals the broader trends in American life expectancy.

How Many Years Do You Have Left to Live?
At the start of the 19th century, when there fewer than 1 billion humans on the earth, global life expectancy at birth stood at roughly 29 years.
This is a startlingly low figure—because life expectancy is a statistical projection of how many more years a person can expect to live, based on the mortality rates at the time. And since the infant mortality rate in particular was so high, life expectancies accurately summarized the low likelihood of many babies living to adulthood.
However, since the 1920s, life expectancy across all ages has improved leaps and bounds, thanks to rapid advancements in nutrition, healthcare, and sanitation.
We visualized the current American life expectancy by age and gender, using data from the Office of Social Security, which bases their current projections on 2020 mortality rates.
American Life Expectancy at Every Age
A key takeaway with life expectancy is that it increases as one gets older. This is easily seen in the table below, which lists the remaining years left to live at a given age for an American male and the projected life expectancy.
Age | Years Remaining (Men) | Life Expectancy (Men) |
---|---|---|
0 | 74.12 | 74.12 |
1 | 73.55 | 74.55 |
2 | 72.58 | 74.58 |
3 | 71.60 | 74.60 |
4 | 70.62 | 74.62 |
5 | 69.63 | 74.63 |
6 | 68.64 | 74.64 |
7 | 67.65 | 74.65 |
8 | 66.65 | 74.65 |
9 | 65.66 | 74.66 |
10 | 64.67 | 74.67 |
11 | 63.68 | 74.68 |
12 | 62.69 | 74.69 |
13 | 61.70 | 74.70 |
14 | 60.71 | 74.71 |
15 | 59.73 | 74.73 |
16 | 58.76 | 74.76 |
17 | 57.79 | 74.79 |
18 | 56.84 | 74.84 |
19 | 55.90 | 74.90 |
20 | 54.97 | 74.97 |
21 | 54.04 | 75.04 |
22 | 53.12 | 75.12 |
23 | 52.21 | 75.21 |
24 | 51.30 | 75.30 |
25 | 50.39 | 75.39 |
26 | 49.48 | 75.48 |
27 | 48.57 | 75.57 |
28 | 47.66 | 75.66 |
29 | 46.76 | 75.76 |
30 | 45.86 | 75.86 |
31 | 44.97 | 75.97 |
32 | 44.07 | 76.07 |
33 | 43.18 | 76.18 |
34 | 42.29 | 76.29 |
35 | 41.39 | 76.39 |
36 | 40.50 | 76.50 |
37 | 39.62 | 76.62 |
38 | 38.73 | 76.73 |
39 | 37.85 | 76.85 |
40 | 36.97 | 76.97 |
41 | 36.09 | 77.09 |
42 | 35.21 | 77.21 |
43 | 34.34 | 77.34 |
44 | 33.46 | 77.46 |
45 | 32.59 | 77.59 |
46 | 31.73 | 77.73 |
47 | 30.87 | 77.87 |
48 | 30.01 | 78.01 |
49 | 29.17 | 78.17 |
50 | 28.33 | 78.33 |
51 | 27.50 | 78.50 |
52 | 26.67 | 78.67 |
53 | 25.86 | 78.86 |
54 | 25.06 | 79.06 |
55 | 24.27 | 79.27 |
56 | 23.48 | 79.48 |
57 | 22.71 | 79.71 |
58 | 21.95 | 79.95 |
59 | 21.21 | 80.21 |
60 | 20.47 | 80.47 |
61 | 19.74 | 80.74 |
62 | 19.03 | 81.03 |
63 | 18.32 | 81.32 |
64 | 17.63 | 81.63 |
65 | 16.94 | 81.94 |
66 | 16.26 | 82.26 |
67 | 15.58 | 82.58 |
68 | 14.91 | 82.91 |
69 | 14.24 | 83.24 |
70 | 13.59 | 83.59 |
71 | 12.94 | 83.94 |
72 | 12.30 | 84.30 |
73 | 11.67 | 84.67 |
74 | 11.05 | 85.05 |
75 | 10.46 | 85.46 |
76 | 9.88 | 85.88 |
77 | 9.32 | 86.32 |
78 | 8.77 | 86.77 |
79 | 8.25 | 87.25 |
80 | 7.74 | 87.74 |
81 | 7.25 | 88.25 |
82 | 6.77 | 88.77 |
83 | 6.31 | 89.31 |
84 | 5.88 | 89.88 |
85 | 5.47 | 90.47 |
86 | 5.07 | 91.07 |
87 | 4.70 | 91.70 |
88 | 4.35 | 92.35 |
89 | 4.02 | 93.02 |
90 | 3.72 | 93.72 |
91 | 3.44 | 94.44 |
92 | 3.18 | 95.18 |
93 | 2.96 | 95.96 |
94 | 2.75 | 96.75 |
95 | 2.57 | 97.57 |
96 | 2.42 | 98.42 |
97 | 2.28 | 99.28 |
98 | 2.15 | 100.15 |
99 | 2.04 | 101.04 |
100 | 1.93 | 101.93 |
101 | 1.83 | 102.83 |
102 | 1.73 | 103.73 |
103 | 1.63 | 104.63 |
104 | 1.54 | 105.54 |
105 | 1.45 | 106.45 |
106 | 1.36 | 107.36 |
107 | 1.27 | 108.27 |
108 | 1.18 | 109.18 |
109 | 1.10 | 110.10 |
110 | 1.02 | 111.02 |
111 | 0.95 | 111.95 |
112 | 0.88 | 112.88 |
113 | 0.82 | 113.82 |
114 | 0.76 | 114.76 |
115 | 0.70 | 115.70 |
116 | 0.65 | 116.65 |
117 | 0.60 | 117.60 |
118 | 0.56 | 118.56 |
119 | 0.52 | 119.52 |
120 | 0.48 | 120.48 |
At birth, an average American baby boy can expect to live till just past 74. But if the boy reaches adulthood, then at 21 he might live to a full year more, past 75. This trend persists even towards the end of life when the years we have left drop rapidly, influenced by the higher likelihood of death.
American women, on the other hand, have a higher life expectancy than men. At birth the gap is close to six years, narrowing steadily to around one year by 85.
Age | Years Remaining (Women) | Life Expectancy (Women) |
---|---|---|
0 | 79.78 | 79.78 |
1 | 79.17 | 80.17 |
2 | 78.19 | 80.19 |
3 | 77.21 | 80.21 |
4 | 76.22 | 80.22 |
5 | 75.23 | 80.23 |
6 | 74.24 | 80.24 |
7 | 73.25 | 80.25 |
8 | 72.25 | 80.25 |
9 | 71.26 | 80.26 |
10 | 70.27 | 80.27 |
11 | 69.27 | 80.27 |
12 | 68.28 | 80.28 |
13 | 67.29 | 80.29 |
14 | 66.30 | 80.30 |
15 | 65.31 | 80.31 |
16 | 64.32 | 80.32 |
17 | 63.34 | 80.34 |
18 | 62.36 | 80.36 |
19 | 61.38 | 80.38 |
20 | 60.41 | 80.41 |
21 | 59.44 | 80.44 |
22 | 58.47 | 80.47 |
23 | 57.50 | 80.50 |
24 | 56.54 | 80.54 |
25 | 55.58 | 80.58 |
26 | 54.61 | 80.61 |
27 | 53.66 | 80.66 |
28 | 52.70 | 80.70 |
29 | 51.74 | 80.74 |
30 | 50.79 | 80.79 |
31 | 49.84 | 80.84 |
32 | 48.89 | 80.89 |
33 | 47.94 | 80.94 |
34 | 47.00 | 81.00 |
35 | 46.06 | 81.06 |
36 | 45.12 | 81.12 |
37 | 44.18 | 81.18 |
38 | 43.24 | 81.24 |
39 | 42.31 | 81.31 |
40 | 41.38 | 81.38 |
41 | 40.45 | 81.45 |
42 | 39.52 | 81.52 |
43 | 38.60 | 81.60 |
44 | 37.68 | 81.68 |
45 | 36.76 | 81.76 |
46 | 35.85 | 81.85 |
47 | 34.94 | 81.94 |
48 | 34.04 | 82.04 |
49 | 33.14 | 82.14 |
50 | 32.24 | 82.24 |
51 | 31.35 | 82.35 |
52 | 30.47 | 82.47 |
53 | 29.59 | 82.59 |
54 | 28.72 | 82.72 |
55 | 27.86 | 82.86 |
56 | 27.01 | 83.01 |
57 | 26.16 | 83.16 |
58 | 25.32 | 83.32 |
59 | 24.49 | 83.49 |
60 | 23.67 | 83.67 |
61 | 22.85 | 83.85 |
62 | 22.04 | 84.04 |
63 | 21.24 | 84.24 |
64 | 20.45 | 84.45 |
65 | 19.66 | 84.66 |
66 | 18.88 | 84.88 |
67 | 18.10 | 85.10 |
68 | 17.34 | 85.34 |
69 | 16.58 | 85.58 |
70 | 15.82 | 85.82 |
71 | 15.08 | 86.08 |
72 | 14.36 | 86.36 |
73 | 13.64 | 86.64 |
74 | 12.94 | 86.94 |
75 | 12.26 | 87.26 |
76 | 11.60 | 87.60 |
77 | 10.95 | 87.95 |
78 | 10.31 | 88.31 |
79 | 9.70 | 88.70 |
80 | 9.10 | 89.10 |
81 | 8.53 | 89.53 |
82 | 7.98 | 89.98 |
83 | 7.44 | 90.44 |
84 | 6.93 | 90.93 |
85 | 6.44 | 91.44 |
86 | 5.99 | 91.99 |
87 | 5.55 | 92.55 |
88 | 5.15 | 93.15 |
89 | 4.76 | 93.76 |
90 | 4.41 | 94.41 |
91 | 4.08 | 95.08 |
92 | 3.78 | 95.78 |
93 | 3.51 | 96.51 |
94 | 3.27 | 97.27 |
95 | 3.05 | 98.05 |
96 | 2.85 | 98.85 |
97 | 2.68 | 99.68 |
98 | 2.52 | 100.52 |
99 | 2.37 | 101.37 |
100 | 2.23 | 102.23 |
101 | 2.09 | 103.09 |
102 | 1.96 | 103.96 |
103 | 1.84 | 104.84 |
104 | 1.72 | 105.72 |
105 | 1.61 | 106.61 |
106 | 1.51 | 107.51 |
107 | 1.41 | 108.41 |
108 | 1.32 | 109.32 |
109 | 1.24 | 110.24 |
110 | 1.16 | 111.16 |
111 | 1.09 | 112.09 |
112 | 1.02 | 113.02 |
113 | 0.96 | 113.96 |
114 | 0.90 | 114.90 |
115 | 0.85 | 115.85 |
116 | 0.80 | 116.80 |
117 | 0.75 | 117.75 |
118 | 0.70 | 118.70 |
119 | 0.66 | 119.66 |
120 | 0.62 | 120.62 |
Interestingly, women outlive men in nearly every country in the world, due to a mix of sociological, behavioral, and biological reasons.
COVID-19: Reversing A Decade of Increasing American Life Expectancy
While the current American life expectancy at birth seems reasonably high, it is nearly two years lower than the 2022 figure which used the 2019 mortality rate. It is also lower than the life expectancy at birth in 2009, which used 2005 mortality rate.
Year | Life Expectancy at Birth (Men) | Life Expectancy at Birth (Women) |
---|---|---|
2009 | 74.12 | 79.95 |
2014 | 76.10 | 80.94 |
2019 | 76.04 | 80.99 |
2023 | 74.12 | 79.78 |
American mortality rates went up 17% between 2019–2020, in part because of COVID-19, in turn affecting life expectancy. The U.S. also had a higher COVID-19 mortality rate compared to its peers two years after the pandemic first struck.
Thus, American life expectancy may not improve immediately to 2019 levels, which can affect insurance premiums, pension benefits, and plans.
Where Does This Data Come From?
Source: Office of Social Security, U.S. Government.
Note: The life expectancy at a given age is the average remaining number of years expected prior to death for a person at that exact age, born on January 1, using the mortality rates for 2020 over the course of their remaining life.
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