Resetting Europe’s Innovation Compass
Europe’s pharmaceutical sector has grown slowly for 25 years and its share of research is shrinking. It’s time to turn things around.
Sometimes statistics don’t tell the full story. This is particularly true if you look at EFPIA’s recently published European Economic Impact report, which looks at the contribution of the pharmaceutical industry to Europe’s economy, as well as those of other regions.
The report finds “a strong and growing sector”.
It shows that research and development (R&D) expenditure in Europe has grown on average by 4.4 percent each year between 2010 and 2022, from €27.8 billion to €46.2 billion. Good news? Yes and no. If we look at the wider picture, Europe’s position is clearly becoming more and more precarious against a backdrop of falling competitiveness. While global research into medicines and vaccines is growing, Europe’s share of the pie is getting smaller as the distribution of R&D shifts elsewhere.
Read the full POLITICO article here.
