Deterioration of Europe’s Competitive Position
Europe once the leader in pharmaceutical R&D is loosing sheen to US. Over a period of 1990-2006, R&D expenditure in Europe increased by 219% from EUR7.7bn in 1990 to EUR24.76bn in 2006. In the same period R&D expenditure in the US increased by 407% from $6.8bn to $34.5bn. According to EC, this growing concentration of research and innovation in the US is worrying as Europe risks of giving up a large share of the value added and becoming dependent on the US for the development of new products.
Source: The pharmaceutical industry in figures-2008, by European Federation of Pharmaceutical industries and Associations
