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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Tehran and Washington have wrapped up their second round of nuclear talks, aiming to revive stalled diplomacy and explore the path to a potential agreement.
Jordan's King Abdullah II and Egypt's President Abdel Fattah al-Sisi held a phone conversation on Saturday to discuss ongoing efforts to end the Israeli war on Gaza, which has been ongoing since October 7, 2023.
President Vladimir Putin’s announcement of a temporary Easter ceasefire in Ukraine has drawn strong criticism from Kyiv, as Ukrainian leaders question the sincerity behind Moscow’s gesture amid continued hostilities and deep mistrust.
President Volodymyr Zelenskyy has denounced a Russian drone strike that occurred just hours after the start of a declared Easter truce, calling it proof of Vladimir Putin’s blatant disregard for both the holiday and human life.
Elon Musk announced on Saturday that he plans to visit India later this year, following a discussion with Indian Prime Minister Narendra Modi about potential collaboration in technology and innovation.
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Jordan's King Abdullah II and Egypt's President Abdel Fattah al-Sisi held a phone conversation on Saturday to discuss ongoing efforts to end the Israeli war on Gaza, which has been ongoing since October 7, 2023.
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