Life sciences hold the key for a competitive Europe

Europe’s life sciences sector is in the spotlight, and with good reason.?

For the EU’s Industrial policy - which aims to make European industry more competitive, sustainable, and innovative – the life sciences have a vital role to play.??

As a key strategic asset for Europe’s economic growth and prosperity, the life sciences sector is an essential part of bringing this policy to fruition.?

Following the Draghi report, which underscored the pharmaceutical sector as a strategic pillar where Europe needs to do more to foster innovation and growth in healthcare and life sciences, now feels like a more crucial time than ever to expand this conversation. Another key aspect of the Draghi report highlights that Europe stands at the threshold of a new digital revolution, and the life sciences sector is uniquely positioned to benefit from it. The convergence of digital technologies, such as AI, data analytics, and advanced manufacturing, with healthcare innovation offers unprecedented opportunities. By leveraging these technologies, Europe can improve patient outcomes and optimize healthcare delivery. To seize these opportunities, Europe needs to ensure that its regulatory frameworks and digital infrastructure are equipped to support this transformation, especially in the life sciences sector.?

The life sciences sector, covering pharmaceuticals, MedTech, diagnostics, and digital health, should undoubtedly be a central part of initiatives aimed at boosting the EU’s industrial competitiveness. ?

A strong life sciences ecosystem is essential for Europe?

A robust life sciences ecosystem is essential, not only for meeting healthcare needs, but also for driving economic growth, creating jobs, and attracting strategic investments in research, innovation, and manufacturing.?

At Johnson & Johnson, we welcomed the European Commission’s aspiration to create a European Prosperity Plan. Announced towards the end of last year, the aim is to reclaim Europe’s?competitive edge and attract more industrial investment in our region.?

We also championed the critical role of life sciences for European competitiveness through our European Election Manifesto. We were therefore pleased to see the Draghi report recognise this fact in the dedicated pharma chapter. Another key aspect of the Draghi report argues that Europe stands on the brink of a new digital revolution, and that the time is ripe to seize the opportunities it presents, particularly within the life sciences sector.?

It’s important that Europe takes action now to secure its position as a leader and innovator in life sciences. If Europe doesn’t change course now, the geographical balance of the pharmaceutical market – and ultimately the R&D base – is likely to shift gradually towards fast-growing, emerging economies.?

What can Europe do to strengthen its life sciences ecosystem??

Here are four key areas Europe should focus to help create a stronger life sciences sector.?

1. Strengthen the competitiveness of the EU single market, while recognizing the specificities on national healthcare systems.??
2. Enable innovation through world-class, agile regulation and a robust IP framework tailored to the specificities of the EU life sciences sector and the digital age.??
3. Support research and investment in the EU life sciences ecosystem.??
4. Develop an environmental sustainability framework that strengthens European competitiveness and recognizes the complexities of the EU life sciences sector.?
5. Bolster the number of highly qualified workers in the EU life science sector?
6. Co-Create trade policies that ensure free flow of goods and services.?

Action now is essential to ensure Europe can play to - and build on - its strengths in life sciences, and avoid losing ground to other parts of the world.??

There is so much potential in the field of innovation and R&D, so I look forward to seeing policymakers take this opportunity to expand Europe’s capacity, as well as, ultimately, the life sciences sector’s invaluable contribution to the European economy.?