Pharma’s ‘whatever it takes’ moment?

On September 9, 2023, Mario Draghi, former President of the European Central Bank and Italian Prime Minister, presented a report aimed at revitalizing the European economy, with a specific focus on the pharmaceutical sector. The report outlines four key areas for improvement: streamlining authorization processes for medicines and medical devices, enhancing joint purchasing for advanced treatments, increasing funding for cutting-edge research, and supporting small and medium-sized enterprises (SMEs). Draghi emphasizes the importance of utilizing data and artificial intelligence to maintain competitiveness against US and Chinese markets. The pharmaceutical industry has welcomed these proposals, acknowledging that while the EU leads globally in trade value, it is losing ground in dynamic market segments. The report highlights advanced therapy medicinal products (ATMPs) as a crucial area for innovation, noting that the EU is lagging behind in this field. Stakeholders, including the Alliance for Regenerative Medicine, have expressed support for the report's focus on joint procurement and cross-country initiatives for pricing and reimbursement negotiations. However, questions remain regarding the funding necessary to implement these ambitious plans. Health Commissioner Stella Kyriakides has downplayed the significance of long COVID as a public health challenge, while also advocating for increased attention to brain health and research initiatives in Europe. This includes the establishment of a European Parliament Intergroup on Brain Health and Research. Additionally, on the same day, the EU and Canada launched a Health Policy Dialogue, aiming to enhance collaboration in health policy matters. The report and its proposals are seen as a critical step towards ensuring the EU's pharmaceutical sector can regain its competitive edge in the global market.