Top European pharmaceutical companies have warned European Commission President Ursula von der Leyen that looming U.S. tariffs could accelerate an industry-wide shift from Europe to the United States unless swift regulatory reforms are enacted.
European pharma companies warned the European Commission president at a meeting on Tuesday that U.S. tariffs would expedite the industry's shift away from Europe and toward the United States.
Pharma trade lobby EFPIA, whose members include European pharma giants Bayer BAYGn.DE, Novartis NOVN.S and Novo Nordisk NOVOb.CO, said it had called on EU President Ursula von der Leyen to push for "rapid and radical action" to mitigate the "risk of exodus" to the United States.
Pharmaceuticals were exempt from sweeping tariffs on U.S. imports announced by U.S. President Donald Trump last week but he has said they will face separate tariffs.
EFPIA said the EU needs to change its regulatory framework for the industry to make it more conducive to innovation and strengthen Europe's intellectual property provisions.
The demands were not new. EFPIA has repeatedly warned that Europe's pharma sector will lose out to increased competition from the U.S., China and emerging markets if the EU does not amend a proposed revamp of laws governing the sector.
"Now with the addition of tariffs, there is little incentive to invest in the EU and significant drivers to relocate to the U.S.," the EFPIA statement read.
The Commission did not immediately reply to a request for comment.
The CEOs of EU-headquartered pharma companies as well as biotech lobby Europabio and generics trade group Medicines for Europe were invited to the meeting, but Europe's largest generics maker, Sandoz SDZ.S, told Reuters it was not.
Europe and the U.S. have interconnected supply chains for medicines. The U.S. depends on medicines partly produced in Europe that bring in hundreds of billions of dollars in revenue.
EU medical and pharmaceutical product exports to the United States totalled about 90 billion euros ($97.05 billion) in 2023, according to latest Eurostat data.
European pharma giants have recently been expanding production facilities in the United States.
The United States is the biggest pharma market by sales for big pharma companies, both U.S. and European headquartered ones. Sales in North America accounted for nearly 50% of world pharmaceutical sales in 2021, compared with nearly 25% for Europe, according to EFPIA.
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The 4th session of the Permanent Forum on People of African Descent began this week at the UN headquarters in New York, bringing renewed international scrutiny to France and the Netherlands over their continued control of several overseas territories.
South Korea’s finance minister said Tuesday that Seoul will seek to delay U.S. tariffs for as long as possible, as negotiations with Washington continue amid mounting pressure on the country’s export-dependent economy.
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