Avoiding incompatible and contradictory policy initiatives as well as creating an environment that will lead to a healthier, more resilient Europe should be central to any EU life sciences strategy.
The start of a new mandate is a good moment for reflection. Last month, EFPIA published a Competitiveness Strategy for European Life Sciences, which included a series of recommendations to reinvigorate the sector.
The strategy should help Europe turn ideas into innovation, fostering competitive European biotech and pharmaceutical clusters. European biotech companies can access only around 20% of the finance that their US counterparts can.[3] We need a new level of support to retain European start-ups and strengthen European capital markets. It should create EU framework programs to foster partnerships and health security and reinforce internationally competitive IP rights and regulatory incentives.
To become the location of choice for research, development and manufacturing we need to address skills gaps by improving STEM education and attract the best talent from the rest of the world. Today, nearly three-quarters of European science graduates choose to remain in the US in hubs like Boston and San Francisco after completing their doctorates.[4][5][6][7] We need to develop harmonized, agile clinical trial ecosystems that support multiple-country clinical trials and promote the effective access and use of health data to fuel research, development and manufacturing of innovative health technologies.
With an aging population, increased burden of chronic disease, a shrinking workforce and the impact of climate change, Europe has to invest in health.
With an aging population, increased burden of chronic disease, a shrinking workforce and the impact of climate change, Europe has to invest in health. Through strategic funding, infrastructure upgrades, prevention, digitalization, national framework conditions and green practices, the EU can support member states to deliver better health for its citizens, efficiencies for health systems and health innovation.
We believe we can secure Europe’s place as a global leader in life sciences. It would mean ensuring that the European Medicines Agency has enough resources to deliver an ambitious, future proof regulatory framework and be a leading voice in international regulatory convergence. It would require open trade and partnership agreements on life sciences with trusted countries and new tools and initiatives to attract foreign direct investment into European life sciences.
Just imagine if Europe prevented the next pandemic, found the treatments to slow down Alzheimer’s or transformed the lives of patients with chronic disease. That is EFPIA’s vision for the future of Europe’s life sciences sector. An EU life sciences strategy – with dedicated oversight and accountability – could help turn that vision into a reality.
