All About the European Commission’s ‘Pharmaceutical Strategy for Europe’

This industry in the European continent is thriving and booming. Europe had a significant share of 23.4 percent of the world’s sales of medications in 2021. 

Though this is minor compared to the share of North America, the future revenues are promising. Statistics show that this year, 2025, the market in Europe will reach around $205 billion.

However, despite the strength of these industries not just in Europe but across the globe, challenges are threatening their growth. These include product shortages, market access problems, regulatory roadblocks, and the need to adapt to an aging population and evolving needs in the healthcare space.

These were among the reasons why the European Commission came up with a pharmaceutical strategy for the continent in 2020. In this knowledge base, you will learn more about these pharma strategies for Europe, covering the following:

– Overview

– Objectives or pillars

– How partnering with Canaan can help you implement these strategies

Overview: What Is This About?

Around half a decade ago, the European Commission drafted, formulated, and made the world known about a pharmaceutical strategy for the industry’s European market. The European Commission is the European Union’s primary executive body. 

Titled “Pharmaceutical Strategy for Europe,” the document exists to ensure patients gain sufficient access to innovative and affordable medicines to support the industry’s desire to stay ahead of the competition, innovate, and become sustainable. 

With this strategy, the continent can cover its pharmaceutical needs, especially during times of crisis, via its supply chains that must stand strong. These pharma strategies are designed to also help establish a future-proof pharmaceutical system in the European Union that that can be resilient against crises. 

The Pillars of the Strategy

The European Commission’s “Pharmaceutical Strategy for Europe” is being presented in a unique way as the objectives are outlined according to pillars. There are four pillars in the document, and they are:

1. Guarantee access to cheap pharmaceutical products and address unmet health needs, such as in the area of rare diseases

2. Promote innovation, competitiveness, and sustainability in the European pharmaceutical industry, as well as craft effective, safe, high-quality, and eco-friendly medicines

3. Improve how the industry prepares for and responds to crises, and secure and diverse supply chains, as well as address shortages

4. Ensure that the pharmaceutical industry in Europe has a strong voice that the world hears, championing a high level of quality, efficacy, and safety

How Partnering With Canaan Can Help You Implement These Strategies

If you own a pharmaceutical facility or business headquartered in Europe and primarily serving the European market, you might want to refer to these pharma strategies as your basis for taking action. While you can enforce what’s written in this document by the Commission to the tee, your implementation will be stronger when you enhance your operations by partnering with Canaan. 

Our company specializes in the manufacturing of various pharmaceutical equipment that can pave the way to improved operations and better-quality products. While our headquarters are in China, mainly serving the market in this East Asian nation, we take pride in the fact we are present in around 60 countries and regions internationally. When you’re ready to partner with us, go ahead and contact our team.