Each year, the European Federation of Pharmaceutical Industries and Associations (EFPIA) publishes an annual factbook to emphasize the tremendous strategic importance of the pharmaceutical industry to the continent. Among the key figures, European companies collectively invest approximately €40bn in R&D annually, rising at a compound annual growth rate (CAGR) of 4.0% since 2017. An impressive figure at face value, although one that the US eclipses with more than €70bn spent, with an equivalent growth rate of 8.5%.
While the trans-Atlantic equilibrium continues to tilt away from Europe and to the US, a new powerhouse in China is...