Ultimately, according to Aho, it is imperative that global companies invest in R&D. "They can survive without Europe," Aho said in the Creating an Innovative Europe report. "But Europe cannot survive without the major players in the global economy."

Industry is hopeful. "The forum is the way to start to regain competitiveness," said Hubertus Erlen, CEO of Schering AG, at the EFPIA conference in Prague. "European global players have to get competitive by investing...outside Europe. When you see what has happened in China, it's a blueprint. But we also want to be good citizens in Europe."

Sarah Houlton is Pharmaceutical Executive's global correspondent. She can be reached at sarah@owlmedia.co.uk