The pharmaceutical sector in the European Union is a solid industry, accounting for €118 billion
external trade surplus in the EU. It also gives direct employment to over 830,000 people. Despite this, it consistently lags in innovation, trailing the U.S.
The recent crisis in Europe has highlighted the critical need to secure and bolster its position as the global leader in medical innovations. As the European Commission focuses on the next Pharmaceutical strategy, the region must present an environment conducive to accommodating the next generation of treatment for patients.
Today, the U.S. holds the center stage as the hub for pharmaceutical innovations. Factors such as less approval time for medicines in comparison to EU entails that patients would benefit from discoveries sooner. While the corporate pharmaceutical expenditure in research and development is growing in Europe, it continues to be outpaced by the U.S.
Meanwhile, the aging European population is indicative of a higher burden of chronic ailments in the region. Unprecedented global health threats are emerging. Against this backdrop, Europe needs to accelerate its pace of innovations to address challenges incumbent in its pharmaceutical sector.
Fortunately, the region can gain from the convergences of advances in biological science and data. Meaning, the sector already has immense potential to address the unforeseen threat, as evident by the robust speed of development and regulatory approval supporting the mass production of COVID-19 vaccines. Considering this, experts are acknowledging the need for a thriving pharmaceutical sector in the European Union to support the health resilience of their citizens.
Given the scenario, the EU needs a regulatory framework for the pharmaceutical sector that is in line with the need of the future. They also have a chance to make it with the forthcoming revision of their pharmaceutical legislation.