Ongoing changes to the pharma market access and pricing environment across the EU5.

Europe is the second largest biopharmaceutical market in the world, with the 28 European Union (EU) countries accounting for $211 billion (18 per cent) of the total $1,133 billion market in 2018.

While countries such as the US and Japan are essentially single markets, Europe provides a unique and distinct challenge for the pharma industry. Within the EU, once the European Medicines Agency (EMA) has clinically approved a pharma product, each pharma company has to navigate a range of diverse European health care systems (largely split between Social Health Insurance and National Health Service frameworks); and local regulatory, market access, reimbursement and cost containment mechanisms before it can launch its products successfully across the continent.