WASHINGTON, D.C. (April 26, 2023) – Pharmaceutical Research and Manufacturers of America (PhRMA) spokesperson Megan Van Etten issued the following statement on the EU pharmaceutical legislation published today:
“We support the EU commission’s goal of improving the availability of medicines across the European Union. Unfortunately, the proposed overhaul of the EU pharmaceutical legislation could make that goal harder. It shows a profound misunderstanding of how the process of medicine development, approval and access works and will erode the intellectual property system that is essential for the discovery of new treatments and vaccines.
“Policymakers in the United States and Europe should be working together as strategic allies to bolster innovation and the life sciences sector, rather than ceding ground to foreign competitors through the draft EU legislation and the drug price setting provisions in the Inflation Reduction Act here in the United States.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Over the last decade, PhRMA member companies have more than doubled their annual investment in the search for new treatments and cures, including nearly $101 billion in 2022 alone.