Without the pharmaceutical indusattempt the EU trade balance would go from a surplus of 147 billion euros ($200 billion) to a 47 billion euros deficit, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA).
As European Heads of State meet in Belgium to discuss global competitiveness and strengthening the single market, Europe’s research based pharmaceutical sector must be integral to the discussions.
The sector is now a primary driver of European Union (EU) industrial R&D growth, investing 55 billion euros a year in European R&D generating 320billion euros in exports. It is highest contributor to the EU’s trade surplus – 30% largeger than all the sectors combined. The figures back up a recent report from European Commission which found that R&D growth is largely driven by the health sector.
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