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.
The European Commission on Monday proposed counter-tariffs of 25% on a range of U.S. goods, including soybeans, nuts and motorcycles.
At the Astana International Forum, senior officials from Kyrgyzstan and Afghanistan held talks to strengthen bilateral cooperation, with a focus on trade, economic collaboration, and regional stability.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
The Centers for Disease Control and Prevention (CDC) confirmed Friday that COVID-19 vaccines are still recommended for healthy children aged 6 months and older—if their doctors agree.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
At the Astana International Forum, senior officials from Kyrgyzstan and Afghanistan held talks to strengthen bilateral cooperation, with a focus on trade, economic collaboration, and regional stability.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
The Centers for Disease Control and Prevention (CDC) confirmed Friday that COVID-19 vaccines are still recommended for healthy children aged 6 months and older—if their doctors agree.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
An international academic conference titled "Islamophobia: Exposing Prejudice and Destroying Stigma" has officially opened in the capital of Azerbaijan, bringing together global scholars, experts, and policymakers to address the rise and consequences of anti-Muslim discrimination.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
The Federal Aviation Administration has ordered an accident investigation into SpaceX’s latest Starship test flight, which ended with the spacecraft spinning out of control and breaking apart over the Indian Ocean.
Czech Justice Minister Pavel Blažek resigned Friday after opposition parties called for his removal over a controversy involving bitcoins donated to the Ministry of Justice.
At the Astana International Forum, senior officials from Kyrgyzstan and Afghanistan held talks to strengthen bilateral cooperation, with a focus on trade, economic collaboration, and regional stability.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
The Centers for Disease Control and Prevention (CDC) confirmed Friday that COVID-19 vaccines are still recommended for healthy children aged 6 months and older—if their doctors agree.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment