The boardrooms of all European big pharma companies have issued a stark warning regarding the current competitiveness of the continent’s pharma industry, adding that change is swiftly needed.
In an open letter to European governments, the chairs of AstraZeneca, Boehringer Ingelheim, Chiesi, Ipsen, GSK, Novo Nordisk, Novartis, Roche and Sanofi pressed the point that Europe has fallen behind the US and China. Without remedies, that gap will widen, the letter goes on to say.
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While pointing to the pharma sector as one of the continent’s “great post-war achievements”, impetus has been lost. Over $600bn in pharmaceutical investment has been announced in the US and China in the last two years alone. China has seen a surge in licensing deals, while many biotechs making the public jump are choosing to conduct their initial public offerings (IPOs) in the US.
Despite the European Union (EU) ushering in several reforms – including the Biotech Act – aimed at increasing the appeal of the region for pharma players, the letters’ signatories s...