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Pharma CEO warns: Europe is missing out on new medications
🇦🇹 Austria /Health & Science

Pharma CEO warns: Europe is missing out on new medications

From Die Presse · () German

Translated from German, summarized and contextualized by DistantNews.

At a glance

Interview Sources not specified Context piece
  • Europe is increasingly missing out on new medications, with many modern drugs becoming unavailable on the continent.
  • The CEO of Boehringer Ingelheim Austria warns that pricing pressures and regulatory hurdles make launching new drugs in Europe less profitable than in other major markets.
  • He suggests that Europe's approach to drug pricing, focusing on cost rather than value, could lead to a future where it lags behind other regions in accessing innovative treatments.

Europe is falling behind in accessing new medical innovations, with many cutting-edge drugs failing to reach the continent. Pavol Dobrocky, CEO of Boehringer Ingelheim Austria, highlights this growing problem, stating that while a new lung cancer treatment developed in Vienna is available in Japan, the US, and China, it has not yet been approved for European patients.

I don't think medications are expensive in Austria or in Europe. In other developed countries, especially in the USA, innovative drugs are much more expensive than here.

— Pavol DobrockyComparing drug prices in Europe to other developed nations.

Dobrocky argues that the issue is not necessarily the price of medications in Europe, but rather the continent's focus on cost over the value and future benefits these drugs provide. He points out that while Austria officially pays high list prices for drugs in hospitals, significant discounts are negotiated, making net prices opaque. Despite this, Austrian patients are among the first globally to access innovations, placing the country among top health systems when input and results are compared.

The USA finances two-thirds of global innovation.

— Pavol DobrockyHighlighting the US role in funding pharmaceutical research.

However, the situation is precarious. Dobrocky notes that the US funds a substantial portion of global pharmaceutical innovation. He expresses concern over pricing strategies in other wealthy nations that do not contribute their fair share. The US's plan to pay no more than the second-lowest price among nine developed countries could further disincentivize pharmaceutical companies from launching products in Europe.

About 30 percent fewer innovations are coming onto the market in Europe than a few years ago.

— Pavol DobrockyDescribing the declining rate of new drug approvals in Europe.

"Already, about 30 percent fewer innovations are coming onto the market in Europe than a few years ago," Dobrocky stated. He warns that in the future, new drugs may arrive even later in Europe, or not at all, simply because it becomes economically unviable. This trend risks leaving Europe without access to the latest medical advancements, a stark contrast to its current reputation for advanced healthcare.

In the future, new drugs will come to Europe even later. Or not at all, because it simply won't be worth it.

— Pavol DobrockyWarning about the future availability of new medications in Europe.
DistantNews Editorial

Originally published by Die Presse in German. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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