EU Risks €2 Billion Yearly Hit to Drug R&D Spending With New Law

The European Union stands to lose €2 billion ($2.1 billion) of investment a year in medicines research and development if a law overhauling the bloc’s pharmaceutical regime goes ahead, an industry group warned Monday.

EU Risks €2 Billion Yearly Hit to Drug R&D Spending With New Law -0
Photographer: Bloomberg Creative Photos/Bloomberg, Bloomberg

The European Commission wants to shorten the standard period of patent protection for new medicines from eight to six years, as part of a wider plan to ensure affordable access to drugs and boost innovation. 

It’s a measure that will dramatically decrease the incentive to invest in Europe, escalating a trend which has already seen the continent lose a quarter of global R&D investment during the last two decades, the European Federation of Pharmaceutical Industries and Associations said in a report. 

Europe’s share of global R&D will fall to 21% by 2040, compared with 37% in 2010, while China’s contribution will surge to 17% from 2% over the same period, the report said.  

The proposals will likely harm, rather than strengthen European competitiveness, Lars Fruergaard Jorgensen, chief executive officer of Novo Nordisk A/S and EPFIA president said in a statement. 

“This will have a negative impact on the European economy,” he said.

Europe is overhauling swathes of legislation in the industry, energy, technology and financial sectors to make laws more people focused and to mitigate climate change. 

Parliaments

UK introduces new law to protect seafarer employment rights
Parliaments

UK introduces new law to protect seafarer employment rights

According to Nautilus International, the Employment Rights Bill is expected to introduce new protections specifically devised for seafarers, toughening the laws around collective dismissal, and cementing seafarer wage protections in UK law. The Bill, being introduced to Parliament this week, will seek to outlaw fire and rehire by requiring employers to prove there is no reasonable financial alternative to letting staff go.

Canada approves new law to develop offshore wind on its Atlantic coast
Parliaments

Canada approves new law to develop offshore wind on its Atlantic coast

Canada’s Senate has approved a new law, named bill C-49, which is set to unlock the country’s offshore renewable energy potential in the provinces of Nova Scotia and Newfoundland and Labrador, on Canada’s Atlantic coast. The bill, which includes the production of wind power as well as hydrogen, now awaits royal ascent.

California nurses applaud new law that provides transparency, improves equity in nursing education
Parliaments

California nurses applaud new law that provides transparency, improves equity in nursing education

California Nurses Association, the largest union of registered nurses in the state, applauds the signing of Senate Bill 1015 by Governor Gavin Newsom. Nurses say the new law, which was authored by Senator Dave Cortese and sponsored by CNA, is an essential step towards ensuring clinical placement opportunities for California’s future nurses, particularly for students attending public institutions like community colleges and state universities.

Seychelles' parliament adopts motion to make sign language official language
Parliaments

Seychelles' parliament adopts motion to make sign language official language

The National Assembly unanimously adopted a motion to designate Seychelles Deaf Language as an official national language, marking a significant milestone for the islands' hearing-impaired populationin. The motion was brought forward by Regina Esparon, the Linyon Demokratik Seselwa (LDS) elected member for Glacis, on behalf of the Women's Parliamentary Caucus, coinciding with the Deaf Week 2024.

Ireland: New law to ban disposable vapes and restrict flavours
Parliaments

Ireland: New law to ban disposable vapes and restrict flavours

Disposable vapes will be banned and vape flavours and colours restricted under new legislation proposed by the government. The Department of Health yesterday published the general scheme of the proposed Nicotine Inhaling Products Bill, which will introduce further restrictions on nicotine inhaling products or vapes.

Brazil calls EU to suspend anti-deforestation law
Parliaments

Brazil calls EU to suspend anti-deforestation law

Brasília urges the European Commission to reconsider its anti-deforestation rules, which could potentially impact Brazil’s exports by almost US$15 billion. The European legislation passed in 2022 includes a ban on the import of products from areas deforested from 2022 onwards, even if deforestation is legal in those areas. 

UK parliament recognizes Bitcoin and digital assets as personal property
Parliaments

UK parliament recognizes Bitcoin and digital assets as personal property

The UK Parliament has introduced the Property (Digital Assets etc.) Bill today to officially and legally recognize Bitcoin $57,732.86, cryptocurrencies, and other digital assets as personal property. This new law will, for the first time, formally protect digital assets such as Bitcoin, cryptocurrency, non-fungible tokens (NFTs), and carbon credits under English law, News.Az reports citing Cointurk news.