The start of a new mandate is a good time to reflect. Last month, EFPIA published a Competitive strategy for European life sciences, which contained a number of recommendations to revive the sector.

The strategy should help Europe turn ideas into innovations and foster competitive European biotech and pharma clusters. European biotech companies have only about 20 percent of the capital available to their US competitors. (3) We need a new form of support to retain European start-ups and strengthen European capital markets. It should create EU framework programs to promote partnerships and health security and strengthen internationally competitive intellectual property rights and regulatory incentives.

To become the location of choice for research, development and production, we need to close skills gaps by improving STEM education and attracting the best talent from the rest of the world. Today, almost three-quarters of European science graduates choose to stay in the US in centres such as Boston and San Francisco after completing their PhD.(4)(5)(6)(7) We need to develop harmonised, agile clinical trial ecosystems that support clinical trials in multiple countries and promote effective access to and use of health data to drive research, development and production of innovative health technologies.

Faced with an ageing population, a growing burden of chronic diseases, a shrinking working population and the impacts of climate change, Europe needs to invest in health. Through strategic financing, infrastructure improvements, prevention, digitalisation, national frameworks and green practices, the EU can support its Member States in delivering better health to their citizens, increasing the efficiency of health systems and driving innovation in healthcare.

We are convinced that we can secure Europe’s position as a world leader in life sciences. This would require ensuring that the European Medicines Agency has sufficient resources to create an ambitious, future-proof regulatory framework and to be a leading voice in international regulatory convergence. This would require open life sciences trade and partnership agreements with trusted countries, as well as new tools and initiatives to attract foreign direct investment into European life sciences.

Imagine if Europe could prevent the next pandemic, find treatments to slow Alzheimer’s or transform the lives of those suffering from chronic diseases. This is EFPIA’s vision for the future of the European life sciences sector. An EU strategy for the life sciences sector – with targeted oversight and accountability – could help make this vision a reality.