EFPIA welcomes the European Commission’s new trade and investment strategy for the European Union as a comprehensive means of addressing existing barriers to trade in a constructive and inclusive manner.

Entitled ‘Trade for All: Towards a more responsible trade and investment policy’, we believe that the removal of trade barriers and the elimination of regulatory hurdles in third countries, while increasing market access, will enable the pharmaceutical industry to operate in a more transparent and predictable environment.

Furthermore, the eradication of these trade impediments will serve to reduce production costs and generate cost savings, which can then be redirected towards increased investment in research and development and improving the regulatory environment in step with technological developments. These measures are key to boosting medicines innovation and accelerating patient access to new treatments.

EFPIA is supportive of the Commission’s drive to prioritise the conclusion of major ongoing projects during this mandate, including a successful conclusion of TTIP, the EU-Japan free trade agreement (FTA) and the EU-China investment agreement, and welcomes the upgrade of the Turkey Customs Union and renewed focus on the ASEAN region.

FTAs that include provisions on enhanced regulatory cooperation, the removal of Non-Tariff Barriers and obstacles to public procurement will open up markets and create new opportunities for business, employment and increased access to medicines for patients worldwide. Moreover, the inclusion of IP provisions aligned with international standards will provide a crucial platform to foster innovation and incentives that are essential to the development of new medicines.

EFPIA Director General Richard Bergström said: “We welcome the new trade strategy of the Commission and the renewed impetus for dialogue and negotiations with key strategic partners such as US, China and Turkey as well as the resumed focus on the ASEAN region. This will not only create a level-playing field for our companies, but will also offer opportunities for medicines innovation and faster access to treatments for patients worldwide.”