European Commission Reveals Plans for Single Market

Despite having region-level drug approval agencies like the European Medicines Agency (EMA), member states have their own approval agencies. This fragmented framework slows the rollout of new pharmaceuticals. To address this issue, the European Commission has released their plans to unify the approval process across all member states.

According to Phil Taylor, “The pharma industry has long been in support of a single, competition-based market for medicines, driven by innovation and market pricing, but it is already baulking at one proposal mooted by the Commission – penalties if a medicine is not made available across all member states within two years of approval.”

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(Source: PharmaPhorum, April 26^th, 2023)