For the first time, the European Union is undergoing a major overhaul of its pharmaceutical industry with the new Pharmaceutical Strategy for Europe, which was launched in late 2020.
Through this strategy, the European Union (EU) is making changes to its infrastructure with the goal of building a holistic, patient-centered, forward-looking pharmaceutical landscape for all EU member countries and patients.
Focusing on patient access, treatment affordability and sustainable innovation, the European Commission outlines four key areas in which they will take legislative and non-legislative actions to move this progressive, patient-centric plan forward:
- Delivering for patients: Fulfilling unmet medical needs and ensuring accessibility and affordability of medicines
- Supporting a competitive and innovative European pharmaceutical industry
- Enhancing resilience: A diversified and secure supply chain, environmentally sustainable pharmaceuticals, crisis preparedness and response mechanisms
- Ensuring a strong EU voice in the pharmaceutical industry globally
For manufacturers, now is the time to pay attention, realign drug research and development and reconsider commercialisation strategies. Many changes that will reshape how companies commercialise in Europe will soon be on their way, with 30 new strategy initiatives and actions taking place this year.
If pharma companies want to remain globally relevant and competitive, they must take a hard look at their development and commercialisation strategies – particularly related to clinical trials, pricing, and digital technologies and therapeutics – starting now.
In this article, Mike Ryan (Executive Vice President, Europe), Ed Corbett (Senior Principal, Head of EMEA, EVERSANA™ CONSULTING) and Alan Crowther (General Manager, Global Pricing, Access and Digital Solutions) address key elements of the Pharmaceutical Strategy for Europe and outline actions that pharma companies must take to prepare for new EU initiatives. But above all, they underscore the true purpose of the strategy: to make drugs cheaper and more accessible to all EU citizens and to make the process of commercialisation simpler and more profitable for pharma.
Download the full article below.
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