https://sputnikglobe.com/20230410/eu-risks-missing-out-on-key-drugs-for-heart-disease-cancer-over-new-legislation-reports-say-1109320281.html
EU Risks Missing Out on Key Drugs for Heart Disease, Cancer Over New Legislation, Reports Say
EU Risks Missing Out on Key Drugs for Heart Disease, Cancer Over New Legislation, Reports Say
Sputnik International
Countries of the European Union could miss out on some new medicines for heart disease or cancer if the bloc keeps on promoting new legislation regulating the pharmaceutical industry, US media reported, citing David Ricks, the CEO of US pharmaceutical giant Eli Lilly.
2023-04-10T12:10+0000
2023-04-10T12:10+0000
2023-04-12T17:05+0000
world
drugs
pharmaceutical companies
legislation
european union (eu)
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The draft plan, obtained by US media, aims to reduce market exclusivity protection period for pharmaceutical companies from 10 to eight years, while also rewarding firms by providing them with more competitive power if they conduct more extensive trials and distribute their production across all EU member states. The EU plan which would cut the exclusivity period would create the situation where the industry would have less incentive to pursue treatments for chronic diseases or cancer if generic drugmakers were allowed to produce cheaper alternatives even sooner, Ricks told the newspaper. The reform governing the pharmaceutical industry would also accelerate a decline in the investment in the EU, Ricks stated, adding that the new legislation would also create obstacles for innovations. Smaller EU member countries exert pressure on the European Commission to adopt the reform so as to ensure that large pharmaceutical companies do not ignore their markets, whereas some in the industry call the measures "impractical," according to media reports.
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heart disease, new medicines, new legislation regulating the pharmaceutical industry
heart disease, new medicines, new legislation regulating the pharmaceutical industry
EU Risks Missing Out on Key Drugs for Heart Disease, Cancer Over New Legislation, Reports Say
12:10 GMT 10.04.2023 (Updated: 17:05 GMT 12.04.2023) MOSCOW (Sputnik) - Countries of the European Union could miss out on some new medicines for heart disease or cancer if the bloc keeps on promoting new legislation regulating the pharmaceutical industry, US media reported, citing David Ricks, the CEO of US pharmaceutical giant Eli Lilly.
The draft plan, obtained by US media, aims to reduce market exclusivity protection period for pharmaceutical companies from 10 to eight years, while also rewarding firms by providing them with more competitive power if they conduct more extensive trials and distribute their production across all EU member states.
The EU plan which would cut the exclusivity period would create the situation where the industry would have less incentive to pursue treatments for chronic diseases or cancer if generic drugmakers were allowed to produce cheaper alternatives even sooner, Ricks told the newspaper.
The reform governing the pharmaceutical industry would also accelerate a decline in the investment in the EU, Ricks stated, adding that the new legislation would also create obstacles for innovations.
Smaller EU member countries exert pressure on the
European Commission to adopt the reform so as to ensure that large pharmaceutical companies do not ignore their markets, whereas some in the industry call the measures "impractical," according to media reports.
