Published: Wed, 19 February 2025
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“The EU needs to take swift, strategic action to provide greater security to the pharmaceutical industry amid growing fears that US President Trump may impose tariffs on such goods in the next couple of months. Ireland, with its strong pharma industry, is especially exposed with medical and pharmaceutical products accounting for 45pc of all Irish exports. I am urging the European Commission to ensure its forthcoming Critical Medicines Act, due in March, is robust enough to address these concerns”, said Fine Gael MEP Seán Kelly, a Member of the European Parliament’s Committee on Industry.
The United States is the EU’s main trading partner for medicinal and pharmaceutical products. In Ireland’s case, in 2024, overall exports of medical and pharmaceutical products rose by 22.4bn or 29pc to just under €100bn, according to the CSO.
“In the EU, we already have a challenge to secure the supply of essential pharmaceuticals. Many vital ingredients are sourced from Asia. At a time when the global picture is increasingly volatile, Europe needs to become more self-sufficient.
“We need to secure medicines for people living here – that is of paramount importance. Fair pricing mechanisms need to be built-in to policies at EU level, so patients can access affordable healthcare. However, the Commission also needs to support and encourage diversification, innovation and long-term planning across the pharma industry based here.
“I look forward to the publication of the proposed new Critical Medicines Act, due on 13 March. It must deliver. Support for research and innovation in this industry must also be high on the agenda for the EU’s next long-term budget. A standalone Horizon programme is essential if the EU is serious about increasing competitiveness”, Kelly said.
The forthcoming EU regulation is expected to provide funding for research and development, infrastructure development and operating costs in the pharmaceutical industry. It could involve investment in research and development, collaboration with academia and industry and the adoption of cutting-edge manufacturing practices.
