Industry leaders threaten to devote resources elsewhere.
The EU has issued a rough draft of potential changes to current laws governing its pharmaceutical sector. The proposed amendment, which aims to guarantee all European citizens the latest innovative treatments and generic drugs at the same price, received pushback from top pharma executives.
Despite having a positive goal, many in the industry believe the end result will bring more harm. According to Lars Fruergaard Jørgensen, CEO, Novo Nordisk, “the proposals are poison for innovation and competitiveness in Europe." Meanwhile, the European Commission, Parliament, and member states hope the reforms create a single European market for medicines while at the same time, preserving attractiveness for pharmaceutical investment, according to Stella Kyriakides, EU health commissioner.
The reorganization also intends to prevent drug shortages by requiring companies to notify the EU of possible supply issues earlier. Following publication, the process of establishing final details is expected to take several years.