.Novartis CEO Vas Narasimhan and Sanofi leader Paul Hudson wrote in Britain's Financial Times that European price controls and austerity measures reduce the attractiveness of its markets.They further said competitiveness in European biopharma is waning, and the uncertainty of tariffs is hurting incentives to invest in the EU.They believe the bloc should set higher list prices, and called for communication on spending targets for new medicines to reward innovation.They also want the EU to strengthen its domestic market..And warned its pharma model of producing in Europe and exporting to the U.S. can't continue.Over the past weeks, drugmakers have pledged to invest in the U.S. to deal with tariffs.Washington says the aim is to boost domestic manufacturing.Roche said on Tuesday it would invest $50 billion in the U.S. over the next five years.Novartis, Eli Lilly and Johnson & Johnson also announced sizeable investments recently.Meanwhile, the Trump administration has warned drugmakers it is considering linking U.S. medicine prices to lower amounts paid by other developed countries.The U.S. pays the most for drugs in the world, often nearly three times that of other developed nations.){kind=link}
STORY: The EU should allow drug prices to rise to U.S. levels to attract investment.
That was the messages from the bosses of two European pharmaceutical giants Wednesday (April 23).
Novartis CEO Vas Narasimhan and Sanofi leader Paul Hudson wrote in Britain’s Financial Times that European price controls and austerity measures reduce the attractiveness of its markets.
They further said competitiveness in European biopharma is waning, and the uncertainty of tariffs is hurting incentives to invest in the EU.
They believe the bloc should set higher list prices, and called for communication on spending targets for new medicines to reward innovation.
They also want the EU to strengthen its domestic market..
And warned its pharma model of producing in Europe and exporting to the U.S. can’t continue.
Over the past weeks, drugmakers have pledged to invest in the U.S. to deal with tariffs.
Washington says the aim is to boost domestic manufacturing.
Roche said on Tuesday it would invest $50 billion in the U.S. over the next five years.
Novartis, Eli Lilly and Johnson & Johnson also announced sizeable investments recently.
Meanwhile, the Trump administration has warned drugmakers it is considering linking U.S. medicine prices to lower amounts paid by other developed countries.
The U.S. pays the most for drugs in the world, often nearly three times that of other developed nations.
drug prices, Novartis, Vas Narasimhan, austerity measures, list prices
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