European big pharma unites amid ‘ringing alarm bells’ of continent’s dominance

The chief executives of nine major European pharmaceutical companies (AstraZeneca, Boehringer Ingelheim, Chiesi, Ipsen, GSK, Novo Nordisk, Novartis, Roche, and Sanofi) have issued an open letter to European governments warning that Europe's pharmaceutical industry is falling behind the United States and China. Over $600 billion in pharmaceutical investment has been announced in the US and China in the last two years alone. Europe's share of global pharmaceutical research and development has declined from 43 percent in 1990 to 31 percent today and continues to fall. The executives urge governments to accelerate clinical trials, protect intellectual property, and adopt digital policies. According to their estimates, Europe could unlock €53 billion and 82,000 jobs by closing the gap with China and the US in clinical trials. The companies also call for pharmaceuticals to be viewed as strategically vital as defense and energy sectors.