LONDON (Reuters) -AstraZeneca Chief Executive Officer Pascal Soriot said on Wednesday that Europe has stepped up its defence spending and now must protect its health sovereignty amid a shifting world order.
“Europe spends a substantially lower share of GDP on innovative medicines than the U.S. and, as a result, is falling behind in attracting R&D and manufacturing investments, putting its ability to protect the health of its own people at risk,” Soriot said in a statement to Reuters.
Soriot was asked to respond to a letter by the CEOs of European drugmakers Novartis and Sanofi published on Wednesday in the Financial Times in which they said European price controls on medicines hurt innovation and make the region less attractive.
(Reporting by Maggie Fick. Editing by Jane Merriman)
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