Europe’s Pharma Industry Expects Little Relief In 2013 After Bruising 2012
Europe was a tough market for the drugs industry in 2012, with governments imposing austerity measures and price cuts on medicines that hit companies hard. The euro survived, preventing further disruption of the marketplace, but little respite is expected in the next 12 months for patients and companies alike from clampdowns on health care spending in general, and medicines reimbursement in particular.
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The biopharma industry enjoyed regulatory success in 2012 that was recognized by investors. The stench from the carcasses of industry’s genericized blockbusters has begun to fade, but R&D productivity for the most part remains poor, expensive late-stage failures abound, and industry is still searching for sustainable business models.
Sweden may link its existing value-based pricing system with international reference pricing to cut drug expenditure, a move the pharmaceuticals industry says would devastate domestic R&D there.
With eighteen months until the start of a new drug pricing scheme, the slow progress and lack of detail on the U.K.'s value-based pricing (VBP) approach worries industry and suggests transitional arrangements may be necessary.